India Independent Software Vendors (ISV) Market Highlights Over 2020 - 2030
The India independent software vendors (ISV) market is estimated to garner a revenue of USD 1373.27 Million by the end of 2030, by growing with a CAGR of 11.47% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market registered a revenue of USD 456.46 Million. The growth of the market can be attributed to the growing IT industry in the country, along with the rising adoption of cloud-based technologies amongst the end-use industries. Moreover, as India is one of the major exporters of IT services around the globe, numerous small ISV providers are enhancing their services, which in turn is also expected to create numerous opportunities for market growth.
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One of the major factors for market growth is the rising exports of services. According to the statistics by the World Bank, service exports in India increased from USD 92.889 Billion (in current US$) in the year 2009 to USD 214.762 Billion in the year 2019.
Besides this, the increasing demand for value-added services (VAS) amongst the end-use industries, followed by the surge in integrated payment systems amongst businesses, are expected to drive the need for different types of software. ISVs are known for designing such customized software, which, as a result, would create numerous opportunities for market growth in the coming years.
Growth Drivers and Challenges Impacting the Growth of the India Independent Software Vendors (ISV) Market
Growth Drivers
- Growing Exports of Services in India
- Increasing Adoption of Cloud-Based Technologies in the Country
Challenges
- Rising Concerns for Data Security
- Increasing Operational and Capital Expenditure of ISVs
India Independent Software Vendors (ISV) Market Segmentation Synopsis
The India independent software vendors (ISV) market is segmented by software deployment into cloud, and on-premise. Out of these, the cloud segment is expected to grow with the highest CAGR of 13.77% during the forecast period, and also attain the largest market revenue by the end of 2030. The market is also segmented by application into financial services, healthcare, industrial & manufacturing, public sector & utilities, retail, service provider, telecom, media & entertainment, and others. Out of these, the retail segment is expected to generate the largest market revenue of USD 432.58 Million by the end of 2030, up from a revenue of USD 118.66 Million in 2020. The segment is also anticipated to grow with the highest CAGR of 13.63% during the forecast period.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the India independent software vendors (ISV) market that are included in our report are 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.
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