Government has drawn up the Draft National Policy on software products, aimed at strengthening the software products ecosystem in the country, Parliament was informed today. “Government has drawn up the Draft National Policy on Software Products with an aim to strengthen the software products ecosystem in the country and to give further impetus, so that software product sector contributes significantly in terms of business and employment,” Minister of State for Electronics and IT PP Chaudhary said in a written reply to Lok Sabha. Also Read - Ola to offer free oxygen concentrators to the needyAlso Read - Samsung Galaxy S20 FE Long-term Review
Chaudhary quoted estimates by Indian Software Products Industry Round Table (iSPIRT) that global software products industry is estimated to be $411 billion at present, which is expected to reach $1.2 trillion by 2025. Revenue of software products industry in India currently is $6.1 billion, of which $1.9 billion is from exports. “This sector has a potential to grow significantly through a conducive policy and business environment,” he said.
A recent Gartner report stated that Indian business intelligence (BI) software revenue is predicted to reach $214 million in 2016, an 18.6% increase over last year s $180 million. The BI and analytics market is undergoing significant change. Adoption of machine learning techniques, and the emergence of smart data discovery solutions are fueling next round of investments, Gartner Research Director Bhavish Sood.
The forecast included revenue for BI platforms, advanced analytics platforms, analytic applications and corporate performance management (CPM) software. The BI platforms segment continues to lead the BI software market in India, as BI platforms revenue is predicted to reach $136 million in 2016.