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The 10-Year Explosion in India’s Software Services Export

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The 10 Year Explosion in India's Software Services Exports

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The past decade has been a boon for Indian software exports and outsourced business services. The country’s export revenue from IT services/BPO has nearly tripled in the past 10 years, from US$62 billion in 2012 to US$156 billion in 2022.

As demand for digital services continues to rise in the post-COVID era, India (with its large army of tech workers) is uniquely positioned to reap rich dividends. NASSCOM, one of the country’s lobby groups, predicts that revenues from computing and other technology services could reach $350 billion by 2026.

Cost-effective wages and easy availability of talent have long been factors behind India’s rise in the global export services market. The tech sector accounts for less than 6% of the country’s GDP, but employs up to 5 million professionals, serving hundreds of deep-pocketed clients such as AstraZeneca, Citibank and Marks & Spencer.

“We are no longer personnel suppliers. We are strategic partners for global business conglomerates trying to take advantage of digital technologies,” commented Manjunath Hegde, an IT analyst from Bangalore, a city known as India’s version of Silicon Valley.

In order to chart the country’s journey as a BPO/software outsourcing powerhouse, NSAM has compiled the following infographic using data compiled by the Reserve Bank of India.

The 10-year boom in India's software services exports

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