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Contributed on February 15, 2021

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Technology Sector In India 2021- New World: The Future is Virtual/Strategic Review

Blog: NASSCOM Official Blog

The Annual industry fact book covers in detail the trends that shaped the year, the segmentwise performance of the industry and the outlook for next year. The underlying theme this year is the pandemic-led global reset,  the digital transformation imperative and the changing value proposition for India

Key Highlights

Pandemic-led reset

• Global impact of the COVID-19 pandemic has led to two major resets or shifts – an acceleration in the pace of digital transformation and a novel, hybrid work model that has redefined the dimensions of already evolving workplace and work culture

Technology Industry Performance

• India’s technology industry is expected to record a positive growth of 2.3% in FY2021 to touch $194 billion (excl. eCommerce).
• Exports, at ~$150 billion, is likely to see a modest growth of 1.9%; however, domestic technology sector is likely to perform better – y-o-y growth expected to be 3.4% ($45 billion)

Digital Transformation Imperative

• Consumers of technology – established companies, start-ups and increasingly governments across India – have unequivocally suggested significant increase in digital investments over the next 18 months
• With heightened urgency to execute in months what was expected in years earlier, the focus is on delivering customer-centric solutions through new data-led business models, while enabling hybrid work and mass-scale digital skilling

2021-22 Annual Outlook

• The latter half, H2, of FY2021 is witnessing strong recovery of the technology sector in India, and industry seems to be back to pre-COVID level growth, coupled with strong deal pipelines, and solid margins.
• 67% of CEOs polled in a NASSCOM 2021 CEO Survey expect global India’s technology sector to grow significantly higher in 2021 as compared to 2020

Find the full report at NASSCOM Website.

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