2022 Tech CEO Survey: Industry Outlook

Each year, NASSCOM conducts a short survey aimed at gathering insightful responses from industry leaders, which helps us understand the technology industry outlook, as well as sense the overall economic and business sentiment. This year too, we carried out a similar exercise through the “NASSCOM 2022 Tech CEO Survey: Industry Outlook”, commencing January 2022, so as to comprehend the pulse of the Indian tech industry, across key parameters pertaining to business priorities and challenges, industry outlook, key growth verticals/sectors, tech spending as well as talent and hiring models. Moreover, the survey underscores high-level insights on global economic and business outlook, global tech spend and key tech focus areas; as well as the perspectives of end-user enterprises.

Responses collected from ~130 CEOs including key stakeholders in the technology industry hailing from Large, Medium and Small-size IT firms, Global Capability Centers (GCCs) and Start-ups, have been aggregated in the form of a comprehensive report that captures key findings and actionable insights.

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Key Findings

A ‘cautiously optimistic’ global economy expected to grow at 4.4% in 2022. India’s FY2023 GDP growth projected at 8-8.5% - ~2X of global
Business outlook expected to be ‘optimistic with a prudent undertone’. Employee-focused businesses adopt a ‘people-first’ approach, on the back of talent crunch and the ‘Great Resignation’
Key Strategic Focus Areas - Digital Transformation and exploring additional revenue streams from untapped markets/geographies/verticals
Key Differentiators - Accelerated Innovation and Partnerships/alliances with startups, academia and customers

Majority of the CXOs anticipate global tech spend to be marginally higher than 2021
End-user enterprises expect average tech spend in excess of 6%. Top 3 tech use cases - Customer Service, Sales & Marketing, Supply Chain
Key Tech Priorities - Cloud, BDA & AI/ML/NLP, Cybersecurity. IoT/Edge Computing expected to gain predominance driven by Data interoperability and hybrid/remote-working

70% Indian tech enterprises expect tech industry to grow at a rate similar to 2021 levels
~75% CEOs project a healthy uptick in average deal pipeline (surpassing 10%) in 2022
57% CEOs expect to increase 2022 R&D spend by over 10% as compared to 2021
BFSI, Manufacturing, Healthcare and Retail/e-Commerce top sectors driving tech growth

~90% CEOs expect to hire similar or more than what they hired in 2021
Digital talent to constitute upto 50% of new hires. Up-skilling/re-skilling of employees continues to be a prime focus area
Gig workforce and hybrid model continue to gain momentum in 2022
~60% CEOs expect at least half of the workforce to return to office in 2022

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