Finally, eCommerce industry is set to get further disrupted by the fast-growing interest around metaverse, driven by the need for more personalised experiences.Also Read: IT Giant HCL Reportedly Asked Resigning Employees To 'Return' Their Bonuses The software product segment will see greater offtake of productivity software, cybersecurity solutions. Most respondents also expect to maintain or grow their hiring in line with last year.įY2023 growth opportunities: Infrastructure and managed services, consulting Platform BPM, data management & RPA ER&D will see deeper penetration of engineering cloud. R&D investments are expected to grow between 10% and 20% over last year. 72% tech CEOs indicate 2022 Tech spend to be in line with 2021 (NASSCOM Tech CEO Survey 2022). End-user enterprises are emerging as technology job creators – about 30% of respondents intend to increase their technology team by over 15%.įY2023 growth estimates for the technology industry reflect the optimism of FY2022. To understand the business sentiment for 2022 (FY2023), NASSCOM conducted its annual survey of both end-user enterprises and tech CEOs.Īccording to the NASSCOM Enterprise CXO Survey 2022, 60% CXOs indicate a 6% higher tech spend in 2022 over 2021, with focus areas around customer service, supply chain and sales & marketing. These factors have pushed India’s share in global sourcing market to 59% - a testament to India’s new tech value proposition. Today, the share of digital to total revenue stands at 30-32% with 1 in 3 employees being digitally skilled stamping India’s position as the Global Digital Talent Nation. The industry’s “people first employee-centric” approach saw tech firms quickly adapt to Hybrid work models and scale up the industry’s digital capacity/capability building programs. The industry doubled down on operational excellence to manage margin pressures and the eCommerce sector saw the deeper penetration of the O+O model (Offline+Online).Īnother landmark that the industry achieved was to cross 5 Mn in total direct workforce, a highest-ever net addition of 445K. A combination of Digital and innovation was the industry’s winning formula Platformisation and XaaS were instrumental in accelerating tech adoption it was also the year of the start-ups – when Tech start-ups leapfrogging into scale-up mode. Finally, the report also presents the short-term outlook (FY2023) – a sentiment analysis of both the enterprise (end-user industries) and the technology industry perspectives – both indicate a highly positive outlook for technology.įor both global and Indian end-user enterprises, technology was the panacea that enabled firms to not just keep the lights on, but also pivot their business models to online mode, adapt products & services to emerging market forces and customer needs and enable collaboration in a distributed work model.įY2022 therefore has been a spectacular year of India’s technology industry it recorded a 15.5% growth (highest ever) to reach $227 Bn in revenue. With an aim to define the future, the report carries, for the first time ever, NASSCOM’s TECHScope Framework that has looked deep into the top 25 technology that will be key to unlocking value over the next 3 to 10 years. It also analyses in detail six global megatrends that have become prominent as a result of the pandemic and how technology is being/can be leveraged to address these areas. The report examines the driving factors behind this growth via the Trends that Defined FY2022. As a result, FY2022 is a tipping point for the industry – the year in which the industry crossed $200 Bn in total revenue and 5 Mn in total workforce. This year’s edition focuses on the theme “Resilience to Resurgence” and explores how various stakeholders partnered together to navigate the challenges posed by the pandemic and overcome these successfully. Centre of Excellence - Data Science & Artificial IntelligenceĮach year, NASSCOM publishes it’s flagship report – the Strategic Review: The Technology Sector in India – that is considered the bible for the technology industry.
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