The Indian IT industry has been primarily identified with software services and this focus has relegated the software products segment to the background. However, off late, the industry has seen a change in the fortunes of this segment due to significant growth. Emerging technologies such as Social media, Mobility, Analytics and Cloud (SMAC) are driving the growth in this segment and helping it move to the next level.
The Indian software products eco-system has rapidly evolved over the last five years and today there are over 3,500 product start-ups operating out of India. The factors that have spurred the rise of this market include - A growing number of success stories from India, The vast presence of global VCs, Increased corporate interest, Availability of quality incubaors/ accelerators, Rising base of business and technology mentors.
India is amongst the “fastest growing” software product country, and it is expected that the country could have about 11,500 product start-ups by 2020, as against around 3,500 now. India's software product system is currently the third largest in the world, following America and Britain, respectively. Israel, Germany, Russia and Singapore follow India in the space (in no particular order).
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