Indian IT sector all set to touch $350 billion revenue by 2030

Bengaluru, 2 December: Indian IT industry is on track to achieve an overall revenue of $350 billion by 2030 despite the macroeconomic headwinds seen globally.

The sector can even potentially double the employment opportunities in the next 10 years, opined experts at the recently concluded Bengaluru Tech Summit, 2023.

Indian IT sector had seen sound growth in the last two fiscal years as pandemic-induced digitalisation led to strong demand for software services from clients.

According to industry body, NASSCOM, the Indian technology sector has grown 8.4 per cent in FY23 to hit $245 billion in size. The industry continued to be the net employer with addition of 290,000 jobs in FY23, taking the total workforce to over 5.4-million.

While experts at Bengaluru Tech Summit, 2023 opined that revenue of Indian IT industry is likely to touch $350 billion, NASSCOM is more optimistic about the growth prospects. The industry body expects revenue of Indian IT industry is likely to touch $500 billion by 2030.

Indian IT industry comprises IT services companies, Global Capability Centres, global and domestic software product firms along with technology startups.

The country is home to 1,523 GCCs by the end of FY23, a combined report by NASSCOM and Zinnov has said. This number is likely to touch 1,900 by 2025. As per an EY study, these GCCs combinedly employ around 2 million staffers in the country.

Most global technology firms including Microsoft, IBM, Accenture, Apple, Facebook, SAP, Intel and several others are expanding their domestic footprints.

The country is also home to the third largest startup ecosystem in the world with a significant chunk of such startups being technology-focussed. These startups have emerged as leading employers in recent years with hiring of new employees despite ongoing funding winter.

Against this backdrop, the growth prospects of Indian IT industry remain bright. Apart from being the leading employer, the sector has also generated good number of jobs for women employees. The industry currently has more than 2 million women employees.

With a 36 per cent digital workforce, the industry remains on the top in terms of artificial intelligence (AI) skills penetration, the second largest in terms of AI/ML and big data analytics talent pool globally.

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