Bain & Co partner, Chris Brahm, has reportedly said that India may encounter serious competition from the new and evolving IT companies in the coming years.
Currently, the Indian IT-business process management (BPM) industry is worth $167-billion. The Indian IT sector comprises of mega companies such as Wipro, Infosys, Cognizant, IBM, HCL, Accenture and TCS. Around 55% of softwares; their supply, implementation and maintenance is governed by these companies globally.
India has a well established IT market that specializes in the latest technologies such as Cloud Computing, Artificial Intelligence and machine learning. Due to the advancement of these technologies, sectors such as Finance, Insurance and Banking are demanding the data driven analytics services.
In an interview, Brahm said, “Both software services companies and technology companies will play big roles and I think open source will have a key role and that has been shaping the internet. Some providers are very well positioned to do that. The technology industry is absolutely going to be the center of digitization and it is going to be new companies.”
Speaking further, the San Franscico based Brahm added, “Not all the solutions have been brought into the market. There are big questions in financial services. Will blockchain start to replace significant areas of the existing infrastructure architecture? Maybe that is a very possible scenario, but there are other scenarios as well. The clearest thing that has to change is that the legacy business models are too high priced and too low service, and digital and analytics required to migrate to a new business offer much higher value at much lower cost.”
Top ranking IT company, Accenture is currently working with start-up firms to create a digital revolution. The world is awaiting newer and rapid information technologies to provide solutions in every sector.
