Can the Indian software product sector move from a 10% growth to a 10x exponential growth? In recent times, we have seen successful executions of the 10x mindset in India. Transactions using India’s own domestic payments platform UPI hit a landmark of one billion in October, three years after its launch, with over 100 million users, making it the fastest adoption of any payments system globally. Its popularity can be attributed to its simple, safe, hassle-free system.
Most conversations about the technology industry in India are centred on the behemoth-sized tech services or the accelerating e-commerce/ fintech sectors. The product story is somewhere in between — we want to be a product nation, build IP and create the multiplier impact that products can enable. But how do we bring this story mainstage?
India has a growing number of product unicorns — Freshworks, Icertis, Druva. Leaders like Zoho have built global product businesses from India. Large companies like TCSNSE -1.36 % are reporting a billion dollars in product revenue and, increasingly, companies are building products from India.
Here are some drivers of 10x growth for products:
Accelerating on-demand economy: India is creating its unique SaaS model — driving sales and product innovation from India. The Indian SaaS market, currently at the billiondollar mark, is estimated to grow 4-5x over the next two years and accelerate further.
Co-innovating with vertical focus: Indian product companies that have built partnerships with customers across niche verticals have an opportunity to build verticalfocused products and disrupt the landscape.
Rise of deep tech products: Deep tech capabilities will separate the winners from the also-rans — nations and entities alike. With increasing number of deep tech startups coupled with the right ecosystem push, India will see scalable deep tech products.
The data play: Availability of data is another game-changer. A significant portion of the 10x growth that we envisage (from $8 billion to $80 billion by 2025) is likely to come from Indian software products for users who are more comfortable communicating in vernacular languages. The coverage will be exhaustive too.