India continues fastest IT growth-rate: Survey
It’s pleasing news for Indian Information Technology sector that despite of heavy recession in United States of America and its negative impact on Asian market, ‘India would continue the highest growth rate among the Asia-Pacific region till 2011 and would touch the $8.1-billion mark till then’; a recent study has revealed this fact.
In the last fiscal, India has suffered the heavy recession in the IT-sector and most of the IT-firms include major Indian giants (Infosys, Satyam, TCS and Wipro) have to struggle for the profit and growth due to recession in the Indian and global market. Now, this survey could prove as a ‘feel good’ factor for the Indian IT firms as it stated that despite of China’s lead over India, it would not be a major competitor for offshore service delivery.
This new survey was conducted by Springboard Research firm that conducts the survey at the global level has recently done a study, ‘Asia Pacific IT Services Market and Forecast, 2006-2011’ in which it has covered entire Asia-Pacific region excluding Japan for judging the IT-growth market at various parameter.
According to Springboard Research report, “Asia Pacific (excluding Japan) will grow from US$37.5B in 2007 to US$55.9B in 2011, representing a compounded annual growth rate (CAGR) of 10.5% from 2006 to 2011” in which India’s participation will be a worth of $8.1-billion while China’s portion will $15.6-billion, more than double from India. But the India’s growth rate (18.6%) would be much higher than CAGR.
In this 2008, India and China IT services markets will touch the $4.86-billion and $10.9-billion level, respectively as per research report says.
Though, China will manage to sustain its top position in terms of highest revenue collection ($15.6-billion), yet “it (China) will not challenge India as the home of offshore service delivery especially for English language requirements – as skill levels, quality, culture and governance are all more suited to India being a hub of global delivery against the PRC.” said report.
‘By 2011, the Indian market will be just behind Association of Southeast Asian Nations (‘ASEAN’ that comprises with Indonesia, Malaysia, Philippines, Singapore, and Thailand,Brune, Vietnam, Laos, Myanmar, and Cambodia) and Korea in size, and is likely to overtake them by 2012’, as per report stated.
Stating over the growth rate of Asian IT-market, Vice President-Services Research of Springboard Research Phil Hassey said in the released statement, “The Asia Pacific IT Services market is arguably the global leader in terms of growth, supplemented with a mix of mature and emerging markets.”
For ranking the nation, Springboard has used the ‘Market Attractiveness Index’ on the basis of service market and growth opportunities. It has ranked China on the top, followed by India, Australia, Korea, Indonesia, Vietnam, Malaysia, Rest of ASEAN, Singapore and Philippines.
It has studied several aspects for conducting research including Infrastructure Support, Desktop Management, Enterprise Application Integration and IT Outsourcing and covered 15 countries with respect to market size, key players and growth dynamics and forecasts demand, growth for one another and estimating the value of IT Services industry for 2008.
Despite of rapid growth, some analysts and experts still believes that India is not grooming on its full potential. ‘There are still more chances and areas, where India can grow better as India’s market is still immature and unorganized. Except some major mammoth IT firms, most of the local service providers operate from a city or state with a narrow capability range’, experts believes.
Springboard Research is a next-generation IT market research and advisory firm that works with the leading IT companies in the world in the software, services, telecommunications and hardware sectors.
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