Size and Growth of India's Digital Software Industry- IconixDigital

India has become a global leader in business process management (BPM) and information technology (IT) thanks to the substantial expansion of its digital software sector. The industry brought in over $227 billion in fiscal year 2022, a 15.5% rise from the previous year. With projected revenues of $245 billion for fiscal year 2023, this rising trend persisted. 

digital software

With a 7.5% share in fiscal year 2023 and a projected 10% share by 2025, the IT sector makes a significant contribution to India's GDP. The quick use of digital technologies in some industries, such as retail, healthcare, and finance, is what is causing this rise. By encouraging the creation and use of domestic software, government programs like Make in India and Digital India have sped up this transition even more.


A major factor in the growth of the sector is the software products category. With a compound annual growth rate (CAGR) of 15.2%, it is expected to increase from its 2024 valuation of $43.1 billion to $101.64 billion by 2030. The growing use of cloud computing, AI, and machine learning technologies—which improve operational effectiveness and facilitate data-driven decision-making—is what is driving this expansion.


With IT export revenues increasing by 9% in constant currency terms to $194 billion in fiscal year 2023, the Indian IT sector is also a significant exporter. More than 53% of all IT exports came from the IT services sector, demonstrating the industry's importance on a global scale.


Strong employment is seen in the IT sector, which added 290,000 new positions in fiscal year 2023, increasing the total workforce to over 5.4 million. A sizable pool of IT experts and developers is supporting this growth, offering a solid basis for future growth. 

digital software

In conclusion, India's digital software sector is a vital component of the country's economy, distinguished by its quick expansion, significant GDP contributions, and robust export base. Technological developments, government programs, and a highly qualified workforce are driving the sector's growth and establishing India as a major force in the global software market.


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