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Indian IT product companies bet on local demand
By siliconindia
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Monday, 23 March 2009, 19:05 IST
Bangalore: Indian software product firms playing in the domestic market to offer solutions to health care and telecom firms are finding an increased demand for their solutions even during the recession, while companies focused on the markets in the U.S. and Europe are struggling a lot due to the cut in IT budget by big customers, reported The Economic Times.
As per the Nasscom estimate, there are around 600-700 software product companies in India with combined revenue of almost $1.4 billion last year. The IT body foresees that the revenue could potentially touch $9.5-12 billion by 2015.
India's IT product companies such as Subex and Srishti are expected to grow by at least 22 percent in 2009, while their bigger software services rivals are estimated to grow only by around 16 percent this year. Srishti Software, a provider of offers web publishing solutions has signed contracts of around $10 Million last year. "At a time when budgets are shrinking, Indian software products are very cost competitive," said Ajay Shankar Sharma, chief executive of Srishti.
Moreover, Brio Telecomm, another product firm, continues to receive more business enquiries in India. "We are receiving business enquiries every week," said Harish Kolar, Managing Director of the company.
