Indian IT Industry Crosses The $50-Billion Mark
posted in Outsourcing to India, Nearshore Outsourcing |Source: Business Standard
Celebrations and Jubilations are in order as India’s information technology (IT) industry crosses the $50-billion mark in FY-07. Dataquest’s annual DQ Top 20 survey of the Indian IT industry reveals a growth of 32% in rupee terms, just shy of 30% growth in dollar terms during the year.
With a growth of 35%, IT exports continued to hold the majority of the revenue share by contributing Rs. 1,53,744-crore to the total revenue of Rs. 2,26,879-crore. The domestic market continued its three year average growth rate of 27.2% by contributing Rs. 73,135-crore, accounting for rest of the revenue pie.
Catalysed by the emerging domestic BPO market, IT enabled services (ITeS) reported a growth of 48% to touch Rs. 5,400-crore. The domestic IT services market reached Rs. 20,948-crore by reporting 30% growth. Packaged software industry witnessed 19% growth to touch Rs. 8,053-crore.
The top 20 IT players at 44.3%, recorded the highest growth rate in the millennium. With the top three players, Tata Consultancy Services (TCS), Infosys and Wipro, bagging several large deals and expanding their consultancy business, the top 20 companies accounted for almost 77% of the total software services exports.
Highlighting growth in demand for high-end technology products, the study showed that sales of laser multi-function devices (MFDs) grew 69%. LCD (liquid crystal display) monitors sales increased 153% in stark contrast with sales of traditional CRT (cathode ray monitors) monitors, which reported a decline. Digital cameras also reported a robust growth of 112% to reach the sales figures of nearly half a million.
As well, the IT training sector also recorded significant growth, posting revenues of Rs. 2,135-crore, as Indian players met the demand for training within corporations in India and overseas.
According to DataQuest, Internet penetration in the country continued to rise as the number of users (over 15-years of age and above) touched 23-million during the year, with 9-million internet connections, including 2.6-million broadband connections.
Congratulations are in order as it seems the Indian IT industry could well achieve its target of $60-70 million by 2010.
