New Delhi37 minutes ago
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The International Data Corporation (IDC) has released a new report today. According to this, by the end of 2021, the Indian software market ($ 7.6 billion) is estimated to reach 56 thousand crore rupees. India’s software market was estimated to be around Rs 52 thousand crore ($7 billion) in 2020, which is a year-on-year (YoY) growth of 13.4% compared to 2019.
India’s share in Asia stood at 17.5%
India’s share in the software market across Asia/Pacific (excluding Japan and China) (APEJC) in 2020 was 17.5%. Software companies like Microsoft, Oracle and SAP were at the forefront of the Indian market during the year 2020.
Expected growth of 11.6% in the next 4 years
IDC estimates that India’s overall software market is expected to grow at a Compound Annual Growth (CAGR) of 11.6% from 2020 to 2025. According to the report, Indian enterprises will continue to invest in technology that will help them improve operations and drive innovation to improve employee working capacity, which in turn will accelerate business.
IDC expects the Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) markets to account for all software markets to grow from 36.8% in 2020 to 57.1% in 2025.
Higher than normal increment in IT and sales sector
According to the report, the importance of IT in business has increased due to the pandemic. At the same time, the hiring of sales jobs has increased since the lockdown. The report is based on analysis of 2,63,000 profiles across 17 sectors in Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.
It said that the sales sector received an increment of 9.82% and the IT sector 8.55%, which is higher than the normal increment (7.12%).
Technology Entrepreneurs Launched Thousands of Startups
The report said that technology entrepreneurs associated with India’s four-decade-old IT services industry have started thousands of startups. These startups are providing high quality software solutions. This includes services from billing to customer support. These startups provide service on a subscription basis through the cloud.
Many startups like Chargebee Inc are offering their services globally. At the same time, startups like Freshworks are getting listed on the stock exchanges.