Research Nester published a report titled “India Independent Software Vendors (ISV) Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the India independent software vendors (ISV) market in terms of market segmentation by software deployment and by application.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The India independent software vendors (ISV) market is anticipated to grow with a CAGR of 11.47% over the forecast period, i.e., 2021 – 2030. The market is segmented by application into financial services, healthcare, industrial & manufacturing, public sector & utilities, retail, service provider, telecom, media & entertainment, and others, out of which, the retail segment is expected to generate the largest market revenue of USD 432.58 Million by the end of 2030 and also grow with the highest CAGR of 13.63% during the forecast period. Moreover, in the year 2020, the segment generated a revenue of USD 118.66 Million in 2020.
The India independent software vendors (ISV) market is estimated to garner a revenue of USD 1373.27 Million by the end of 2030, up from a revenue of USD 456.46 Million in the year 2020. Rising demand for value-added services (VAS) amongst the end-use industries, which raises the need for the adoption of customized software, along with the rising adoption of integrated payment systems amongst businesses are some of the major factors expected to drive the market growth. Besides this, the growing adoption of cloud-based technologies almost in all the end-use sectors, is also anticipated to drive the need for the deployment of software that can help operate these technologies, and in turn, drive the market growth.
Growing Export of Services from India to Create Opportunities for Market Growth
Service exports in India, according to the statistics by the World Bank, increased from USD 92.889 Billion (in current US$) in the year 2009 to USD 214.762 Billion in the year 2019.
Backed by the surge in ICT developments worldwide, the demand for IT services has increased massively in the recent years. India, which is known to be one of the major exporters of IT services, owing to the presence of several leading players in the IT sector, has recently scattered to the needs of companies around the world. With such numerous scopes in the field of software development and IT services, a large number of software vendors in the country are increasingly coming up, which in turn, is expected to drive the market growth in the coming years.
However, the rising concerns for data security and the increasing operational and capital expenditure of ISVs are expected to operate as key restraint to the growth of India independent software vendors (ISV) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the India independent software vendors (ISV) market which includes company profiling of Tata Consultancy Services Limited, Infosys Limited, 3i Infotech, C1 India, Enaviya Information Technology Pvt. ltd., Cognizant, IBM, Bartronics India Limited, KPIT Technologies Ltd, Educomp Solutions Ltd., CMC Limited, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the India independent software vendors (ISV) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.