NASSCOM Says IT Export Revenues Cross $137 Bn, Digital Continues To Outperform

The National Association of Software and Services Companies (NASSCOM) announced the key trends of the industry performance for the year 2018-19. The year has been christened as 'The Year of Digital Acceleration' wherein the industry was able to fast forward its journey to be the digital solutions partner across the different sectors. The association noted that 2018-19 was an exciting year for the industry, as the export sector crossed USD 137 billion of revenues and marginally grew above the NASSCOM guidance of 7-9%. Interestingly, the industry sectors have also expanded beyond IT Services and together are almost half the industry revenues in 2018- 19. Digital was once again the growth driver for the year, growing 30% YoY and is estimated at USD 33 billion in 2018-19. Growth in the start-up sector was another key highlight of the year as India witnessed 8 unicorns being born and start-up funding reached an all-time high.

NASSCOM also shared key highlights of the first edition of the CEO Survey that tracks CEO confidence on growth drivers in the year and the key risks to watch for. As per the survey, global economic uncertainties are leading to a cautionary outlook among CEOs, but they expect digitization initiatives to continue with the same momentum. Digitization of businesses and enhanced customer experience has emerged as the top 2 spending areas in IT and BPM for 2019.

According to the survey, advanced analytics and AI are the top priority area for over 50% of global CEOs in terms of technology spending, followed by hybrid cloud and cybersecurity. Further, almost 90% of the CEO responses showcased that skills is the new currency and 2018 will be similar or somewhat better than in the year 2018 for hiring. Increased focus on skilling and reskilling will be an Industry priority as all businesses and countries are dealing with a global tech skills shortage

Powered by Capital Market - Live News