The $191-billion Indian IT industry is slated to grow slower in 2020 fiscal at 7.7% compared to 8.1% in the previous year. CEOs of Indian IT firms seem to be “cautiously optimistic” about the future due to global macroeconomic uncertainties, says a survey by Nasscom.
Of the CEOs polled, 53% expect a similar or stronger global economy in 2020; 72% expect their global clients to deliver similar or better growth, while 60% expect tech spends to grow in developed markets in a similar range as in 2019. The findings were part of the ‘Strategic Review-Techade: The New Decade’ released on the sidelines of the three-day Nasscom Technology and Leadership Forum (NTLF) 2020 that commenced in Mumbai.
You might also be interested to read: Big Step To Reduce Carbon Footprint! How Solar Power Is Helping Indian Railways Save Energy
Focus on digital transformation
“Over the past year, the performance from the industry showcased the increasing focus on the digital transformation of businesses and also the expansion of digital-driven services to cater to clients across the globe. We are hopeful that this trend will continue to drive the growth of the industry in the coming years, and evangelizing innovation in the domain,” said Keshav Murugesh, Chairman, NASSCOM.
The survey identified the top three growth drivers for business. Topping the list was large deals for digitalization; this was followed by growth in the key verticals of BFSI and retail; the third driver was enhanced business opportunities in Europe and APAC. And 57% of CEOs surveyed expected the industry’s business performance to be similar or somewhat better in 2020.
Source: CXO Today