IT sector can double in 4-5 years: HCL Tech CEO

New Delhi, Feb. 18: Indian IT players are well-positioned to capture at least 20 per cent share of the $1 trillion incremental spend on technology over the next four-five years, potentially doubling the size of the industry, HCL Technologies cheif executive officer C. Vijayakumar said.

Infosys CEO Salil Parekh and Wipro CEO Thierry Delaporte expressed similar views at a Nasscom event, saying the pandemic has accelerated digital adoption, and there is a need to continue upskilling people on latest technologies for driving the industry's growth.

"If you look at all the projections, there is at least a trillion dollars of incremental spend in the next four-five years. I think, as an industry, we should get at least a 20 per cent share, which means that $200 billion growth over the next five years, could potentially double the industry," Vijayakumar said.

He said while Indian IT services companies have a fair share in about five-six countries, there are many countries where the industry is underrepresented.

By Nasscom estimates, Indian IT industry revenues are set to grow by 2.3 per cent to $194 billion in FY21 and exports will be to the tune of $150 billion.

Parekh noted that localisation is a critical element of globalisation as clients, especially large global enterprises, are looking for delivery capabilities across multiple geographies.

Wipro's Delaporte said one of the challenges to growth could be around how much talent is available that can cater to the burgeoning demand for digital services.