India, long known for its prowess in software services, has been lagging behind in software products. The country has thrown up few successful software products in banking, financial and accounting (such as i-Flex Solutions, Tata Consultancy Services, Infosys Technologies, 3i Infotech, Tally Solutions, Polaris and Nucleus Software) and telecom (Subex).
Industry body National Association of Software and Services Companies (Nasscom) on Monday said Indian software product companies are at an inflection point in their growth trajectories. Revenues from such products, which were $1.4 billion (Rs560 crore today) in 2007, are expected to rapidly grow to $12 billion by 2015.
Part of this growth, a Nasscom study said, will come from the nearly 500 start-ups that began business between 2000 and 2007. Excerpts from the study: