Indian tech industry tops $200 billion revenue, targets $350 billion by FY26

Furthermore, with incremental revenue of $30 billion and an overall growth rate of 15.5%, the highest ever since 2011, the industry has set an ambitious target of touching $350 billion in revenue by FY26 , which is growing at the rate of 11-14%. Added report.

All the sub-sectors of the industry registered double digit growth. Exports (including hardware) registered a growth of 17.2% in revenue of $178 billion, accounting for 51% of India’s total service exports.

To be sure, India’s massive digital infrastructure played a key role in India’s technological adoption with public digital platforms becoming the basis for India’s digital gains. Driven by this increased domestic demand, the technology industry’s domestic revenue grew 1.2X in FY19 to reach nearly $50 billion.

E-commerce registered a growth of 39% and reached $79 billion in FY 2012. Digital revenue share was 30-32%, registering incremental revenue of $13 billion in FY 2022.

“Financial Year 2022 has been a successful year for the Indian technology industry. We have posted solid, broad-based growth, massively increased jobs, and are proud to remain an engine for India’s economic growth and a beacon for inclusion and diversity. We are excited about the opportunities at Techade as we enter an era of exponential change and technology becomes essential to progress. NASSCOM Chairperson, Rekha M. Menon, said, “We are committed to catalyzing a trillion-dollar digital economy with our focus on talent, technology, collaboration and innovation.

According to the report, India has also emerged as a global hub of digital talent with over 5 million technical workforce. The industry recorded an estimated 10% growth in direct employees in FY 2012, the highest net addition of around 450,000 to its employee base.

With over 36% female workforce, the Indian tech industry has also become one of the largest private sector female employers in India, with over 1.8 million women in the workforce.

In addition, one in three employees is already digitally proficient, with the digital tech talent pool being 1.6 million, growing at a CAGR of 25%. With a massive focus on reskilling and upskilling, the Indian tech industry retrained approximately 280,000 employees in FY 2012.

The Indian technology industry has emerged as a digital technology, with 30-32% of revenue generated from the digital stream and over 66% of transactions largely digital. The industry also conducted over 290 mergers and acquisitions (M&A) with its primary focus as digital.

Meanwhile, India remains the world’s third largest startup hub with over 25,000 tech startups and is witnessing 42 new unicorns and 11 IPOs in 2021. Over 2,250 tech startups were founded in 2021 with a total funding of $24 billion. Raised in 2021.

The industry also saw maturity in the software product segment with the presence of over 2,000 software product companies and 1,000 SaaS companies in India. Indian SaaS-based companies also secured $4.5 billion in funding in 2021.

Innovation and partnerships across the ecosystem will accelerate digital capabilities leading to greater investment in research and development (R&D), building products and platforms. While cloud, cyber security, data and artificial intelligence (AI) will continue to be top technological priorities for the industry, centers of excellence will be established in emerging areas such as quantum technologies.