The increasing demand for customer insights and analytics has lead growth for the database and analytics companies
The Indian software market grew 10.7 per cent in the first half of 2014, due to political stability and economic revival, said the research firm International Data Corp. (IDC), according to a PTI report.
Sectors like banking, financial services and insurance space (BFSI), manufacturing, retail and e-commerce have witnessed a sign of positivity, after the NDA led government came into power, said the report.
“Large as well as SMB (small and medium business) customers are looking at ways to curb their capital expenditure and are keen to embark on the cloud journey. This has led the vendors to make their licensing policies more flexible and easier so that existing customers could smoothly transition to a cloud environment,” Shweta Baidya, senior market analyst - software, IDC India told PTI.
“Some vendors are offering exchange schemes to their customers to buy back their hardware in exchange of a cloud setup which is resonating very well with the small and medium business (SMB) market,” Baidya.
According to the PTI report, the increasing demand for customer insights and analytics has lead growth for the database and analytics companies such as Teradata Corp., Informatica Corp., Oracle Corp., Qlik Technologies Inc. and others to register strong double digit-growth. In addition, virtualization and cloud services, such as VMware Inc., Salesforce Inc. and Red Hat Inc. have witnessed significant growth.
The software market is likely to grow by a compound annual growth rate (CAGR) of 10.5 per cent in 2014-2018 and it will have a direct impact on the areas such as mobile application development and mobile device management, security software, system software, analytics and engineering applications.
Government initiatives such as Mobile Seva, Digital India, Pradhan Mantri Jan Dhan Yojana will also trigger adoption of software solutions in the coming years.
IDC report further stated that sectors like entertainment, retail and e-commerce, education, and hospitality to watch out for in the future.
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