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News >> Technology >>
IT-ITeS revenues seen to grow 28%
By agencies
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Friday, 10 February 2006, 20:30 IST
MUMBAI: Annual revenues of the Indian IT-ITeS sector are expected to exceed $36 billion during this financial year, up from $28.4 billion in last financial year, showing a growth of 28 percent.
Of this, software and services is expected to bring revenues of $29.5 billion, of which exports are estimated to grow by 32 percent to reach $23.4 billion in financial year 2006, according to Nasscom's Strategic Review for 2006.
For the year the hardware is estimated to account for $6.9 billion in revenues and the domestic market will account for $6.1 billion in revenues. The domestic market is expected to grow by nearly 22 percent during the year.
The Indian IT-ITeS sector was on track to achieve the targeted $60 billion in exports by financial year 2010, said the review which was released in the run-up to the 15th edition of Nasscom's summit India Leadership Forum this year.
The industry had registered steady growth in 2005, said Kiran Karnik, President, Nasscom said, Along with an increased presence of Indian IT companies across the globe, new service lines have emerged as the industry reached the next level in the services offered.
"Mergers and acquisitions by Indian players is also a key trend. In spite of the growth seen so far, it is estimated that less than 10 percent of the addressable market for globally sourced IT-ITeS has been captured till date, indicating significant headroom for growth, he added.
According to the review, the IT-ITeS sector would contribute to 4.8 percent of the GDP in financial year 2006. The total IT software and services employment is set to reach 1,287,000 this financial year. The industry had launched skill assessment and certification programs for entry-level talent and executives to enhance the availability of and access to talent for IT-ITeS in the country.
The review points out that the transition from outsourcing to global sourcing would drive the next phase of evolution in process quality frameworks and practices.