Software products to reach $10 b, says Nasscom

Software products to reach $10 b, says Nasscom

Software products to reach $10 b, says Nasscom

Nasscom on Monday announced the launch of the Product Council 2013-15 in line with their 2020 strategy outlined by the Narayana Murthy Committee.

The IT industry organisation said that by 2020 it expects revenues from software products to reach $10 billion and also noted that Frictionless Ventures Chairman and Co-founder Ravi Gururaj was appointed the chairman of Nasscom Product Council.

According to Nasscom, the Product Council envisions establishing the Indian software product ecosystem as a world class source of high value, innovative, next generation products which are enjoying robust sales traction and are establishing category/IP leadership in both domestic and international markets.

 Under the Product Council, Nasscom plans to position India as an innovative solution provider, build new markets and customer segments, and enhance thrust on skill development and domain.

At present, Indian software products stand at $2.2 billion in revenues and has close to 2,400 software product firms in the country. The products are divided in six major segments and are present under 46 product categories. Interestingly, there are more than 20 Indian firms with revenues more than Rs 100 crore from products.

Nasscom would also take part in engagement with the software products firms, startups and older ones alike, through market access support, branding, industry partnership and by enabling the companies in the areas of skills and funding.

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