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IT product mkt will be $15 bn by 2015
The Indian IT product industry should be treated on par with IT servicees sector as it has the potential to contribute significantly to the global market, Nasscom demanded the goveronment.
Similar to its initiatives in IT and ITEs services Nasscom has now taken up amission to encourage the product segment. Nasscom forecasts that revenues of Indian product companies will touch $15 billion by 2015 from $1 billion currently. The global product market is pegged at around $300 billion.
Speaking at the opening session of Nasscom maiden day, the association president Kiran Karnik said the industry body has setup a special expert committee for products under Subex Azure MD subash Menon.”We will work as a facilitor for seed funding growth capital human resources and access to governments,” he said.
Subhash Menon said the country currently have the right environment for product growth.”Ootsourcing does not work for products as they can succeed only when there is a domestic market. Also funding firms are increasingly willing to look at product firms,” he said.
About 40% of IDG Ventures existing investments are in product companies.
Delivering the keynote address, Sabeer Bhatia, the creater of hotmail, observed that there is alot of momentum in the domestic product space, hence there is a need to create a aconducive eco system.
“Innovation many a time happens informally even over a coffee break. Innovation does not require a huge workforce and could happen with just a handful of individuals thinking over a solution,” he said .
“Nine out of 10 products fail in silicon vally but the success is based on these failures. India is yet to witness any big breakthroughs in the space. India is yet to witness any big breakthroughs in the space. However Nasscom effort in creating a roadmap for the product industry will help,” Bhatia said.
Bhatia is currently busy readying an online product fully developed in india. Bhatia is currently busy reading an online product fully develped in india.
Bhatia is currently busy readying an online product fully developed in India. “It’s targetted at the masses, and it’s going to be bigger than hotmail,” Sabeer Bhatia claimed.