Despite new challenges in the digital space, the Indian technology and services industry is on track to reaching its goal of $225 billion in revenue by 2020 and further $350 billion by 2025, Nasscom chairman BVR Mohan Reddy said on Monday.
"The industry is well on track. We will achieve the target of $225 billion revenue by 2020 and $350 billion by 2025," Reddy told reporters at a press meet.
He also said that the National Association of Software and Services Companies (Nasscom) was thinking of re-branding itself.
The sectoral forecast was based on the report "Perspective 2025: Shaping the Digital Revolution" released by IT industry body Nasscom along with knowledge partner, McKinsey & Company.
"The report identifies innovative and disruptive technologies that will shape the enterprise of the future. Our aspiration is to build cutting- edge solutions and services from India that will shape the digital revolution globally," he added.
"Companies hoping to prosper in the new environment will have to closely watch six new service lines -- Internet of Things, cyber security, social, mobility, analytics and cloud," said Noshir Kaka, managing director of McKinsey & Company, India.
There were around 5.5 million jobs, both direct and indirect, created in the technology sector in India in the last decade.
"Organisations will need to operate in a way that they can cater to customers entering the digital environment at different speeds," Nasscom vice-chairman CP Gurnani said.
The report said that as the industry grows over the next decade, its mix of technologies and demands will change significantly.
Overall, the share of digital technology investment in cumulative expenditures will rise from 10 percent in 2014 to 35% in 2020 and 60% in 2025.
"About 80 percent of incremental expenditures will be driven by digital technologies. These could be platforms, cloud-based applications, big data analytics, mobile systems, social media, and cyber security, as well as services needed to integrate these technologies with legacy tech," the report added.