Software fastest growing sector in 2009: Deloitte

Software companies continued to constitute the fastest growing firms in the Deloitte Technology Fast 50 India 2009 programme. This year, the composition of software companies amounted to as much as 80 per cent.

Software product companies driven by few sunrise segments like mobile value-added services (VAS) and outsourced product development formed a significant part of the composition. Based on an analysis by vertical, the software segment has been the top contributor over the last three years.

The fifth annual edition of the Deloitte Technology Fast 50 India 2009 programme also ranked the fastest growing technology companies in India based on their percentage revenue growth over the last three financial years.

Despite competitive conditions all round for industry players across India, the 50 companies on Deloitte’s list managed to achieve an average revenue growth rate of 372 per cent over the last three years, the report said.

The overall winner was Hyderabad-based Tanla Solutions, with a 2,997 per cent growth over the last three financial years. The second place went to Enzen Global Solutions with a revenue growth of 1,847 per cent. While Latentview Analytics, with a growth rate of 987 per cent, bagged the third place.

Despite the slowdown and challenges for growth, the report stated that average growth rate of the top 10 winners increased significantly to 1,003 per cent, compared with 845 per cent in the previous year.