Indian software product biz on a roll:NASSCOM study
Bangalore November 9: A NASSCOM -sponsored study by Zinnov Consultants suggests that the Indian software product business has recorded an impressive revenue growth of 22 percent over the last five years. However, an even more interesting trend is the vibrant growth of the start-up software product companies in the country. NASSCOM data indicates that over 1100 software product start-ups have emerged in the last five years. Sharad Sharma, Chair, NASSCOM Product Conclave which opens in Bangalore November 9, said India is emerging as a software product hub globally with revenues of $ 2 billion from 2,400 product firms. The number of product firms from tier 2/3 cities have almost doubled in the last 3 years to 330.
Some of the key developments and trends witnessed in the software product sector are: -Cost of setting up a product start up has gone down significantly from hundreds ofthousands of dollars to a few thousand dollars. Cloud, mobility and the opportunity in the India market driving product innovation.
-An enabling ecosystem - availability of skilled talent, disruptive technologies, availability of funds and strong industry support is driving the market.
-Start—up activity witnessing rapid growth with more than 1,100 start-ups being incorporated in the last five years. Mobility, SMBs, E-Commerce and Education –focus segments for start-ups.
-New segments have emerged for Indian products – Consumer, Government and SMBs.
NASSCOM also hosted a product Launch PAD – where 10 product start ups unveiled new products or a version of their products
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