Indian technology, services market to touch $350 bn by 2025: Nasscom

The National Association of Software and Services Companies (Nasscom) will soon rebrand itself to reflect the emerging challenges faced by the IT sector.

The announcement was made by Nasscom chairman BVR Mohan Reddy on Monday, while releasing a Nasscom-McKinsey report on the sector.

The report titled Perspective 2025: Shaping t he Digital Revolution said the Indian IT industry is “well on track” to grow from $132 billion in 2014-15 to 225 billion by 2020 and further touch $350 billion by 2025.

It also highlighted that innovation and entrepreneurship will drive the next phase of growth for the technology and services market in the coming decade.

“About 1.2-2 million people will be added with the next $100 billion in revenues,” the report said.

Reddy said the IT industry in India faces challenges ranging from geopolitical regulatory. “This needs to be addressed quickly and effectively.”

“The industry is well on track for growth. There is a continued progression of double-digit growth despite expansion of base. But there is an undercurrent that we need to watch out,” Nasscom president R Chandrashekhar said.

Nasscom will approach the government with a proposal to help ease the regulations for small players in the IT sector.