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Priming for a ‘No Normal’ Future/Strategic Review

March 1, 2023 24410 0 IT Services BPM Digital Transformation Industry Trends nasscom insights

Priming for a ‘No Normal’ Future/Strategic Review

This year’s NASSCOM’s Strategic Review report focuses on the theme “Priming for a ‘No Normal’ Future” and explores details about the Indian tech industry’s resilience and growth in the wake of global uncertainty and how the industry strengthened its position as a trusted global technology leader over the past two years. The report analyses in detail the major trends, segments and strategies that defined and further strengthened the fundamentals of the technology industry in FY2023. Key emerging tech bets which are at an inflection point of commercial adoption are also explored based on investment and IP focus. The report has crisp fact sheets on the industry’s value proposition that hinges upon a diverse ecosystem, young and high-quality talent pool, excellent physical and digital infrastructure, vibrant domestic market, and strong Government support. However, the VUCA world continues to exist, and we are witness to a “No Normal Future”. Therefore, while enterprises may continue to focus on digital transformation, cost takeout and optimization requirements are also in demand given the macro environment. The final chapter discusses in details, the playbook to thrive in a “No Normal” future.

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Key Findings

  • Slowing Global Economy-
    • Global economy estimated to grow by 3.4% in 2022
    • Advanced economies to grow by 2.7%, while emerging economies to grow by 3.9% in 2022, led by India at 6.1%
  • Moderation in Global Tech Spending-
    • In CY2022, the total global technology spend stood at $4.39 Tn, a slight decline of -0.2% over CY2021.
    • However, spend in software and IT services grew at 4.5% to cross $2 Tn in CY2022.
  • Continued Revenue Growth for India Tech Sector-
    • $245 Bn revenue growing at 8.4% in reported currency with incremental net revenue addition at $19 Bn in FY2023E; exports growing at 9.4%; Currency headwinds impact estimated ~2%
    • Growth visible across core sectors and markets – Stronger growth in US, APAC, BFSI, Manufacturing, Healthcare, ER&D, GCCs, India domestic market
  • Job Creation at Scale for India Tech Sector-
    • Direct tech employment – 5.4 Mn; Employee base to expand by ~290,000 in FY23
    • ~36% digitally skilled, ~2 million women employees
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What you will get in the 2023 NASSCOM Strategic Review: Priming for a No Normal Future-

  1. Global and India macro economic environment analysis and evolving role of tech
  2. Performance of the Tech Industry in India- FY2023
  3. 11 themes and trends that defined the Indian tech industry in FY2023
  4. India’s value proposition for continued growth of the sector
  5. Tech Industry Outlook- Key findings from NASSCOM surveys on what to expect in FY2024

Find the full report at NASSCOM Website.

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