IT Is Mighty: Industry Revenues To Touch $167 Billion By 2019, Says Nasscom

The Indian information technology industry is projected to grow to $167 billion in the 2018-2019 fiscal, the National Association for Software Service Companies (Nasscom) has said, according to a report in Firstpost.

The IT and Business Process Management industry’s revenue is all set to grow by 8 per cent annually to the said figure by 2018-19, as compared to a turnover of $154 billion in 2017-18, said its vice-chairman Keshav Murugesh at a strategic summit held by the body in Bengaluru.

He said that the industry was now focussed on adopting newer technology and re-skilling and added that back-end operations had the largest base in the world, generating as much as $32.5 billion in revenues with a staff strength of 12 lakh across the country.

Murugesh also said that the industry’s focus was on intelligent operations – which comprised process and domain expertise. Digital technology was the main focus of clients while smart acquisitions were the key to a better ecosystem.

The summit also deliberated on how the industry could use top technology like robotics, artificial intelligence, Internet of Things, and digital communications to leverage business.

Also, the impact of adoption of blockchain and AI technologies have shown how security, speed, and operational efficiencies can be enhanced.

The industry comprises over 17,000 firms across the country.