Information technology is playing an important role in India today and has transformed India's image from a slow moving bureaucratic economy to a land of innovative entrepreneurs. The IT sector in India is generating over 3 million direct employment. India is now one of the biggest IT capitals of the modern world and all the major players in the world IT sector are present in the country. Global IT spending, is expected to maintain a decent growth as the economic situation in the US and Europe continues to improve. Discretionary spending on IT budgets by large global corporations has ticked up compared to last few years but is limited to the new digital technologies. In terms of industry verticals, Banking, Financial Services and Insurance (BFSI) and Energy are the key growth drivers.
The Indian IT services exports industry is pegged at $68 billion in 2014-15. After growing at a robust pace of 17-18 % over last few years, growth has slowed down to single digit now, amid lower discretionary spending across companies.
Indian IT companies had enjoyed a good run so far, driven by Labour arbitrage, which has been the competitive edge of the Indian software sector over the last few years. However, the focus has now shifted to providing value to clients beyond cost savings. Software services are being increasingly demanded by global MNCs which can boost sales as well as improve internal efficiency. They are also increasingly turning to internal cost optimisation measures to improve profitability.
Multi-year annuity based outsourcing agreements continue to increase at a steady rate. In terms of total export and domestic revenues, Application Development and Maintenance (ADM) still continue to be the bread and butter for Indian IT companies; however traditional services have become increasingly commoditised.
Increasing competition, pressure on billing rates of traditional services and increasing commoditization of lower-end services are among the key reasons forcing the Indian software industry to make a fast move up in the software value chain. The companies are now providing higher value-added services like consulting, product development, R&D as well as new digital technologies like social media, mobility, analytics, and cloud computing (SMAC)
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