IT companies increasing focus on developing products: Nasscom

Industry body to host 10th annual product conclave in Bangalore this week

Having established itself as a world leader in software and services, the Indian information technology (IT) industry is now increasing focus on products, which is the need of the hour, Ravi Gururaj, chairman of the Nasscom Product Council said.

 

He added that India currently has 3,000 product companies with a valuation of $2 billion, which is expected to go up to $10 billion by 2020.

 

“It is time for India to look at non-linear growth in terms of impact and contribution in the technology area,” Gururaj said. “We are seeing early success with product companies built in India in terms of valuation, and exits. This is building up positive momentum for entrepreneurs to focus in this area,” he added.

 

Earlier this year, Nasscom had set up a 'product council' to help develop the product ecosystem in India. The council is focused on a six pillar engagement to enhance branding, market access, benchmarking, corporate connect, product design and enablement of product solutions in India.

 

On the backdrop of this trend, Nasscom is all set to host the 10th edition of its annual product conclave in Bangalore starting Tuesday.

 

The Nasscom Product Conclave 2014 will be attended by over 1,500 industry participants and will have 175 speakers across 85 sessions. The two-day event will see representation from over 18 Indian states, Ravi Gururaj, chairman of the Nasscom Product Council said.

 

“The event was sold out well before a conference date was set, reflecting the pent-up interest in the IT product industry in India now,” Gururaj said.

 

The conference will address the 'hot topics' across industry segments such as, automobiles, healthcare, internet of things, mobility and big data.