The technology services sector in India is could accelerate growth by 2 per cent to 4 per cent over the next half a decade, as per a report by Nasscom titled 'Future of Technology Services - Winning in this decade.' According to the report, the industry could reach $300-350 Billion in its annual revenues. At present, the technology services sector accounts to 27 per cent of the country's total export. It also supports livelihoods of around 44 Lakh people, as per the report. The industry also contributes to 8 per cent to the overall economy by providing impetuous to more than 50 digital initiatives across various sectors including banking, finance, health among others. 6 Benefits How Technology Can Be Beneficial for Your Business.
Debjani Ghosh, President Nasscom, said in a statement, "The Indian Technology services sector can utilise the potential of deep technologies like cloud, artificial intelligence, machine learning, IoT, etc., through effective transformational practices, thereby contributing to the overall economy in the coming decade." "The government needs to encourage and support digital literacy and skilling to ensure its talent, energy, imagination, knowledge, and unmatched commitment unites to address the customers' surging needs," added Ghosh. 3 Technological Trends that will define the future!
The coming decade will also experience growth in the technology spend, which would be primarily driven by the increase of digital reinventors, technology natives and a growth in demand for Digital 2.0 accelerated by the industrialisation of cloud, AI and cybersecurity, said the Nasscom. According to the report, the technology services are expected to mount to $300-350 Billion in revenue by 2025, boosted by the cybersecurity ad loT digital spending.