India's technology services industry is expected to grow at the rate of 2-4% over the next five years, reaching $300-350 billion in annual revenues. This includes domains such as cybersecurity, artificial intelligence, etc., a report by NASSCOM said on Wednesday.
The research and analysis was conducted by McKinsey & Company for NASSCOM noted that tech-driven companies are leading the path to a faster economic recovery world over. With the customers' ever-changing needs, companies are compelled to keep up with continuous innovation. This has led to a shift in the global marketplace as well as 10 percent annual growth in the IT services sector, generating high returns for investors and shareholders in the last decade, the report added.
The technology services sector is one of the most important contributors to economic growth globally. This is especially true for India, where it is valued at a whopping $1 trillion. The industry now single-handedly produces 27 percent of the country’s exports and provides livelihoods to about 4.4 million people, the report further notes. As the competition increases and intensifies, specialization and scale will be crucial to make a mark in the upcoming decade of technology services.