From $113 million to $1.64 billion in 10 years, and growing
Bangalore, November 9: As a precursor to the 7th edition of the annual Product Conclave, the National Association of Software and Services Companies, NASSCOM today showcased 10 product startups that are a part of the Indian software development revolution. These companies are a part of the Indian software industry that has been creating IP, trademarks and frameworks, driving the national competitiveness of the country.
Improvement across several eco system factors such as venture capital funding, incubation centers, increase in entrepreneurial talent etc. have spurred the start-up activity with more than 125 start-ups being incorporated in the last three years.Speaking about the emerging business models and innovation in the industry, Mr. Sharad Sharma, Chair, NASSCOM Product Conclave said, “The software product industry is in the midst of a wave of business model innovation, which , accelerated by the recession, is defining the base for customer and vendor value in the years to come. Customers are demanding more value for money spent on software, which is pushing software product businesses to fundamentally change their business models. The companies that have showcased their products today are on a journey that will create every disruption into an opportunity and can make the Indian Software Industry only stronger.”
The sessions at this year’s Product Conclave have been carefully designed to deliver actionable takeaways, especially for the attending startup community. For instance the Emerge Co-creator platform is a match making process between users (large customer/ MNCs), Channels (System Integrators), Technology Vendors (IT Product Companies and start ups) as well as VCs – enabling actual networking and pairing of large enterprises/ SIs with smaller companies/ start ups.
The Emerge Product Showcase will provide a platform to existing startups to collaborate and share insights on the impact of their products’ transformation on the customer and its applicability for other companies. Successful companies will share their experiences with an audience of upcoming startups, imparting valuable insights on building a robust product company, from idea to the inception stage and to even the scaling up stages.
New product start-ups are increasingly focusing on areas such as security solutions, ERP applications, e-learning and business intelligence which not only provide access to untapped markets but also favorable exit options. The global market for ERP applications is expected to grow to USD 49.8 billion in 2013 at a CAGR (2008 to 2013) of 2.7 percent providing a huge market for Indian vendors. The global intelligence market is expected to grow at a CAGR (2008 to 2013) of 13.3 percent to reach USD 13 billion by 2013.
NASSCOM (www.nasscom.in) is India's National Association of Software and Service Companies, the premier trade body and the chamber of commerce of the IT software and services industry in India. NASSCOM is a global trade body with over 1200 members, of which over 250 are global companies from the US, UK, EU, Japan and China. NASSCOM's member companies are in the business of software development, software services, software products, IT-enabled/BPO services and e-commerce. NASSCOM has been the strongest proponent of global free trade in India.
NASSCOM is committed to work proactively to encourage its members to adopt world class management practices, build and uphold highest quality standards and become globally competitive. In India and around the world, NASSCOM members are participants in the new global economy and are reputed for their cutting-edge business practices and social initiatives.