India’s domestic software market is projected to grow 5X in the next decade from $20 billion in 2025 to hit $100 billion by 2035, a new report shows.
SaaSBoomi, in collaboration with 1Lattice, released a report on Tuesday, which shows that the domestic IT software market will be driven by expanding adoption of tech by SMEs, deepening government digital initiatives and AI-led automation.
While global players like Salesforce, SAP, Oracle, and others currently rake in almost 75 per cent of the software spending in India, bootstrapped pioneers like Zoho, Tally, and others are giving them a tough fight, the report notes. The next decade will see more Indian software makers gain share, with homegrown companies positioned to claim up to 50 per cent of the $100 billion market, the report predicts.
India has produced about ten domestic software companies of scale so far, and by encouraging innovation, addressing critical gaps, and improving capital efficiency, there is potential to create another 50–60 software giants in the next decade, it recommends.
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