The last few years have been a challenging period for the technology and services industry. A period of rapid change, technology and business disruptions have created a maelstrom of uncertainty. Socio economic, business and technology megatrends are disrupting existing opportunities, at the same time creating new ones.
In FY2014, the Indian IT-BPM industry is estimated to account for revenues of USD 118 billion, cementing its leadership position in the global sourcing arena, and highlighting its increasing importance in the domestic market. With a large, multicultural and highly aspirational workforce of over 3.1 million employees, the industry today is the largest private sector employer in India. Past investments by service providers into disruptive technologies are now bearing fruit, as exports are set to grow by an estimated 13 per cent in FY2014, to touch USD 86 billion, driven by the ability of the industry to offer solutions that integrate SMAC based offerings with traditional services.
Today, we are on the cusp of a new era. Technology can change the world and empower people and organisations to do amazing things. The next decade will witness an increasingly software powered world, with technology becoming even more cognizant, sentient and ubiquitous – an inextricable part of not only our environment, but ourselves. Technology will fuel business transformation and determine how clients engage with customers, the speed at which they deliver services, their innovation capabilities, their resiliency and reliability of operations. Technology providers are increasingly being measured by their ability to help create digital enterprises for clients. Technology itself has journeyed from hardware to enterprise software to SMAC and artificial intelligence, while at the same time, it has become an integral part of every industry in an increasingly multi-device connected world. Smart machines, cognitive computing and internet of things narrowing divide between humans and machines, and creating exciting new applications in a world of cognizant computing where technology will take decisions for humans based on historical data and references. Hence, technology is rapidly moving from an enabler of improved efficiencies for clients, to revenue and business value driver.
Emerging technologies: Redefining the future of the industry
This report is a compendium of facts, figures and trends that define the current state of the Indian IT-BPM industry, and its future directions.
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