Hyderabad: The pent-up demand for information technology products and solutions, geographical diversification, focus on niche service offerings will help drive the industry growth, Sanjay Dhawan, Leader Technology, PwC India, has said.
The increased technology adoption by the Indian Government would also boost prospects of domestic revenue growth. The industry is most likely to grow at around 11-12 per cent in the coming financial year, he said, commenting on the prospects for the industry in the New Year.
"Crossing the $100-billion revenue mark, with a growth rate of 4 per cent in 2011-12 was a milestone for the Indian IT-IT-enabled services industry. However, this year (2012-13) has been a contrast with the sector going through a challenging phase,” he commented.
This is due to the macro-economic scenario, turmoil in key markets (the US and the UK), currency volatility, domestic policy paralysis, lower spend on IT and long sales cycle impacted by slow decision-making at customer end, he observed.
“As a result, projects have slowed down in the last couple of quarters and have impacted the growth prospects of the sector. The industry is expected to close this financial year with about 9-10 per cent growth,” he said.
The industry is still expected to demonstrate resilience and present a positive outlook for the next year (2013-14). New technologies such as social media, cloud, mobility and analytics would drive the growth, he said.
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