Home Industry News India’s share in software product market miniscule: Official

India’s share in software product market miniscule: Official

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Source: PTI

Currently the global software product market is valued at USD 438 billion and India’s share in this is miniscule.

India’s share in the global software product market is miniscule and the country remains a net importer of software products, the joint secretary to the electronics & information technology ministry Rajiv Kumar said on Wednesday.

Currently the global software product market is valued at USD 438 billion and India’s share in this is miniscule as the country continues to be a net importer of software products, Kumar was quoted in a press release as saying on the second day of the Global Exhibition on Services (GES)-2019 here.

Of the total software business of USD 8.2 billion in the country, Indias exports amount to just USD 2 billion, the Confederation of Indian Industry (CII) quoted Kumar in the release.
India has done well in software services and our next big opportunity is in software products. There will be USD one trillion opportunity in the software production by 2025 and India has a great chance to tap it, Kumar reminded the audience.

According to CII, Rajeev Kandpal, Joint Secretary and CFO, Government e-marketplace,said the GeM is the fastest growing as compared to similar initiatives across the world.

The platform has 40,000 buyers, 3,00,000 sellers and 15,10,000 products valued at Rs 39,000 crore, he said.

“It is one of the most inclusive marketplaces in the world comprising 20 per cent MSMEs and startup gross merchandise value is at Rs 600 crore. GeM has created a gross merchandise value of USD 5.5 billion in a short span of 3 years,” Kandpal said.

Karnataka State Road Transport Corporation Managing Director Shivayogi C Kalasad underlin ed the importance of technology in transforming the logistic sector and said digitisation has greatly helped improve the quality of services.

According to him, KSRTC has introduced technology similar to wearable devices that can track and monitor driver behavior, keep them awake in case they doze off and warn them of nearby traffic threats.

The officer said data driven decision making will play a key role in the logistic sector going forward.

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