The India IT-BPM industry is projected to grow at 8.6 percent in constant currency to $155 billion in fiscal 2017.
The single-digit growth is despite amidst continuous technology disruptions, political upheavals, and slowdown in IT-BPM global spending, said IT industry association NASSCOM.
IT-BPM exports from India are expected to reach $118 billion. India’s domestic IT-BPM market is expected to grow 12 percent to INR 2,545 billion. The industry currently employs over 3.86 million people, growth of 5 percent and addition of 1.7 lakh people over FY 2016.
The US and Asia Pacific are the fastest growing at 7.8 percent with gradual stabilization in the growth of the European market. Retail, healthcare and travel & transportation are the key industry verticals for the Indian IT-BPM industry, growing at 8 percent.
“While there are some uncertainties in the short term, the initial data from global analysts on tech spending in 2018 is promising. We are initiating deeper interactions with all stakeholders – global customers and industry providers – to get a more reliable and clear perspective on the projections for FY2018 and will give the guidance in the next quarter,” said R Chandrashekhar, president of NASSCOM.
India is positioning as the digital transformation partner for global businesses. Digital technologies will open up multiple areas of work for the industry and will have a significant impact on existing service lines.
The future skills work group at NASSCOM, in partnership with BCG, aims to skill / reskill 1.5-2 million people over the next 4-5 years.