IT, Internet and R&D in India
IT Industry in India
Indian Information Technology is an industry consisting of two major components:
• IT services (ITeS)
• Business Process Outsourcing (BPO)
India is the world's largest outsourcing destination, accounting for approximately 55 percent of the US$ 185-190 billion markets in 2017-18.
IT industry is fueling the growth of start-ups in India, with the presence of more than 5,200 start-ups in India. The Industry added around 105,000 jobs in 2017-18 and is expected to add over 250,000 new jobs in 2019.
Revenue of India’s IT Industry expanded at a CAGR of 10.71percent and reached US$ 167 billion and its exports stood at US$ 126 billion in 2017-18. Export revenue from the digital segment forms about 20 percent of the industry’s total export revenue.
Internet industry in India
The Internet Industry in India is becoming a major contributor to GDP, valued at US$ 125 billion i.e. 5percent of GDP. The Internet services sector in India is currently valued at US$ 33.8 billion as of October 2018. There were 154 Internet Service Providers (ISPs) offering broadband and narrowband services in India as on 31 March 2017.
The ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021 from 560.01 million as of September 2018. The Indian e-commerce market is valued at US$ 38.5 billion as of 2017. India is the second largest online market, ranked only behind China.
R&D industry in India
India ranks second among the countries with the highest increase in contribution to high-quality scientific research. India has a total of 25 innovation centers in the country and has been ranked as the top innovation destination in Asia and second in the world for new innovation centers.
India’s Engineering R&D (ER&D) Globalization and Services market reached US$ 22.3 billion in 2016. India is increasingly seen as a product development destination.
India-based R&D services companies, which account for almost 22 percent of the global addressed market, grew much faster at 12.67 percent. Companies are also offshoring complete product responsibility, including complex services such as product management.
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