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India's software products sales are likely to hit $30 billion mark by 2025, as domestic companies expand their footprints globally and many new players get into the products space, according to a report by industry body Nasscom and market research company UnearthInsight. 

Software products could include customer relation management (CRM), enterprise resource planning tools or human capital management, etc. Furthermore, licensed software products created by domestic companies such as Ramco Systems and Infosys for payroll management and core banking fall under this definition.  

The progress of global market share for domestic software-as-a-service (SaaS) companies has also grown twofold during the same period. Around 40-50 per cent of the overall spending on software products in fiscal 2021 had come from start-ups and new-age firms with 100-1,000 employees. 

The demand comes majorly from enterprises that are substituting their legacy processes and cutting down on human interventions with SaaS solutions across finance, logistics and human resources. 

The products are also employed in sales forecasts and treasury management by using deep tech. Nasscom estimates 40-60 per cent penetration of deep tech in overall software products by 2030, where trends such as machine learning and artificial intelligence are seen to become widespread. 

Also Read: SaaS platform Netcore invests $100 mn in American digital commerce firm Unbxd

Global enterprises and small and medium businesses (SMBs) are choosing Indian players because of customised or transaction-based pricing, giving customers the flexibility to buy and slowly scale the solutions across geographies, according to the report. 

Furthermore, as these products are cloud-ready, this makes them cheaper with regard to storage, while the tech companies release upgrades and product updates through the cloud. 

As much as 80-90% of global enterprise buyers are looking for cloud-based solutions enabling scale and ease of deployment, as per the report. 

 

Link: https://www.businesstoday.in/industry/it/story/indias-software-product-industry-may-post-30-bn-revenue-by-2025-nasscom-328204-2022-04-01