Indian technology exports are set to reach $194 billion (excl. hardware exports), a growth of ~9% and an addition of ~$16 billion over FY2022:
- IT services: At $104 billion, it continues to lead in terms of market share and is also likely to be the best performing segment of FY2022, a y-o-y growth of 8.3%.
- BPM: At $42.1 billion and a growth rate of 8.7% y-o-y, this sector too is accelerating it shift to platform solutions (BPaaS to grow 4X vis-à-vis traditional BPM). Growth drivers include automation-led services in F&A and HR, increased adoption of RPA and analytics.
- ER&D: Led by increasing softwarization of equipment & devices (“software-led products”) and cloudification, this segment is being driven by cloud engineering, services around data monetization and digital engineering. Historically, this segment has been recording a 11.1% growth to touch $ 41 billion for FY 2022.
- Software products: Rise in demand for collaborative applications, application platforms, security software, system & service management software, and content workflow & management applications will lead to a 7.8% growth of this segment to $7.3 billion.