Indian IT industry will grow at 10-11 percent for domestic market and 7-8 percent for exports in fiscal 2018 – driven by improvements in financial services and digital businesses, said National Association of Software and Services Companies (NASSCOM).
NASSCOM did not reveal the number of employees being added during the current fiscal and growth in employees.
Political and economic uncertainties impacted decision making and discretionary spending during the past year.
There is an increase in requirement for integrated digital capabilities and automation based projects from customers, which were key investment areas for the IT industry.
Indian software industry will be a net hirer with the demand for technology skilled professionals growing in the IT sector and across other sectors as well.
“The financial year will see growth driven by the modernization of operations for client firms and the adoption of technologies such as SaaS applications, cloud platforms, BI, cognitive and embedded analytics as enterprise customers scale digital projects,” said NASSCOM.
“The industry has continuously reinvented itself and its performance in FY 2017 showcases how the industry has focused on building its digital solution offerings through a combination of business model changes and investment in products and platforms,” said Raman Roy, chairman of NASSCOM.
An interesting take away from the analysis of the sector performance in FY 2017 was the relatively fast adoption of digital solutions by Indian enterprise. The domestic market is expected to grow faster than the export market in FY 2018 driven by digital investment.