India is one of the fastest-growing IT services markets in the world. It is also the world’s largest sourcing destination, accounting for approximately 52% of the $130 billion market.
The country’s cost competitiveness in providing IT services continues to be its USP in the global sourcing market.
India has the potential to build a $100 billion software product industry by 2025, according to Indian Software Product Industry Roundtable (iSPIRT).
The IT-BPM sector in India grew at a compound annual growth rate (CAGR) of 25% over 2000-2013, which is 3-4 times higher than the global IT-BPM spend, and is estimated to expand at a CAGR of 9.5% to $300 billion by 2020.
Indian insurance companies also plan to spend $2.01 billion on IT products and services in 2014, a 12% rise over 2013.