Indian Software Product Industry to touch US$ 12b by 2015
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Continuing on the success of the first conference, NASSCOM’s Annual Product Conclave started its 2nd edition with a warm welcome by Mr. Som Mittal, NASSCOM’s President. Mr. Mittal greeted the large audience of more than 350 delegates comprising of Industry CEOs, CIOs, Marketers, Venture Capitalists, Angel Investors, Technologies and Media People. Most of the Product players were seen in the conference.
Mr. Mittal inspired further confidence in the already enthusiastic audience by sharing key statistics about the amazing growth shown by the Indian Software Product Space especially in the last one year. Here are some of the numbers shared by him:
- As the title says, Indian Software Product Industry is expected to touch 12b US$ by 2015, according to NASSCOM product study
- There are around 370 Software product companies in India. Of these companies, over 2/3rd have emerged in the last 3 years. Last year alone, over 100 companies emerged in India.
- Last year, Indian Software product business has grown 45% compared to earlier growth of 30%
- Over 80% of the revenue in the product business come from top 10 companies
- Today, majority of Global product companies have their R&D center in India
- India has over 38 incubation centers focused on Product startups
- India is home to over 140,000 R & D professionals.
Mr. Mittal’s welcome speech was followed by a keynote by Dr. Ganesh Natarajan, NASSCOM’s Chairman. Dr. Natarajan spoke about the Innovation Initiative which he has been leading for more than 4 year where NASSCOM has been looking at companies who have been building IP. He also spoke about the product landscape and the opportunities that exist in the domestic market.
And then Mr. Subash Menon who is the Chair of NASSCOM Product Initiative gave an overview of the Product Forum. He briefly shared about the background of the NASSCOM’s Product Forum and its mission and some of the activities that have been done under his leadership.
The last speaker was Pari Natarajan from Zinnov Consulting who shared some key findings from the report.
- The Indian software product industry has witnessed an accelerated growth of 44 per cent over the past three years
- While the top 5 players dominate, expansion in the tier-II firms and startups has helped broad-base the industry structure
- While India’s role in global technology IP creation has grown steadily, several challenges have constrained the growth of home-grown software product business
- Venture capital funds investing in India are actively focusing on software product business funding
- A number of incubation centers have been established across India, that are he
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