Growth of IT Start Up Companies in 2015
IT sector on a boom
IT professionals are in great demand these days. Owing to this, several entrepreneurs are venturing into this field. The Government is also providing a host of benefits to the startup companies, just to ensure that the objective of making India self sufficient in the IT sector. The policies for startups and SMEs (Small & Medium Enterprises) are going through a revival process to make sure that the machinery is supportive of these new businesses and the process does not become an impediment in starting up.
Single window clearances, tax benefits, subsidized resources in early days are some of the incentives which have been rolled out Information Technology (IT) and IT -enabled Services (ITeS) make up the single largest contributor to India’s services exports. The survey says the IT and ITeS sector, including Business Process Management (BPM) continues to be one of the largest employers in the country, directly employing nearly 35 lakh people. The revenue of the IT-BPM industry at US$ 119 billion grew by 12 per cent in 2014-15 with export market alone making up almost $100 billion. The year witnessed hyper-growth in the technology startup and software product landscape; India ranking as the fourth largest startup hub in the world with over 3,100 startups in the country. Software products and services revenues for 2015-16 are projected to grow at 12-14 per cent.
The Indian software products sector is poised to enter a hyper-growth phase, with a likely minimum of 2,000 start-ups a year by 2020, as against a little over 800 expected in 2014, said the industry body, (NASSCOM). The INDIAN Start-UPs are really going for lot of innovative products to up the ante, this has attracted lot of people from the world to be a part of it. Even the President of NASSCOM said that,” Software product start-ups will play a crucial role in the growth of the entire Information Technology in INDIA”
The Indian Software Products Industry Roundtable (ISPIR), a think tank, had earlier said it estimated India to have a potential to build a $100-Billion software products sector by 2025, as against around $2 Billion currently, if the government and the industry “act purposefully”. In a report published this February, it has said the domestic market, expected to grow at about 14 per cent annually in the coming times will aid the growth of Indian software product companies in a big way. So with all these advancements, the Start-ups are surely going to give a lot of boost to the INDIAN IT sector. With these almost 2,00,000 Lakhs Jobs are well evident in various job portals itself. Alone shine.com, a renowned job portal has 72,780 IT jobs listed in its site then you can well imagine the scope that this sector holds for startups as well as job seekers.They even provide paid services such as Resume writing.