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India’s Software Product Ecosystem – Accelerating Growth

“NASSCOM India’s Software Product Ecosystem – Accelerating Growth” report tracks the evolution of the software product industry in India and analyses the factors that lead to its exceptional growth. It highlights the changing strategies, business models, and market scenarios fuelling this growth momentum and helping companies to tap into new opportunities.

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Key Findings

Software Product Landscape:
  • Software product sector has evolved substantially to reach $13.3 Bn in FY2022E
  • Market has grown at over 10% CAGR from 2019-22, enabled by SaaS, Enterprise Digitization and SMBs
  • CRM, ERP are the key horizontals accounting for >50% of market share, BFSI and Hi-Tech are the key verticals
Enterprises Shift towards Cloud and Global Acceptance:
  • Enterprises’ movement towards cloud has intensified software product adoption growth
  • Global enterprises are embracing  Indian software products like SaaS, digital banking, cloud enterprise solution etc.
  • Digital acceleration among Indian enterprises aiding the penetration of software products
Key Trends
  • Verticalization pushing growth of software products
  • Increase in strategic tech partnerships between SI’s and SaaS firms
  • >50% adoption and >30% revenue growth in DeepTech based horizontal products
Outlook:
  • SaaS product expected to dominate with revenue potential of $30-40 bn by 2030
  • Deep tech penetration in software products expected to reach 40-60%
  • Verticalization to become more prominent with >50% products to be vertically focused by 2030

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