According to one report, technology industry revenue is expected to reach $253.9 billion in fiscal year 2024, a growth rate of 3.8% compared to the previous year, as macroeconomic headwinds dampen the sector’s momentum. This is said to be slower than the previous year’s 8.4%. Nascom report.
The Strategic Review 2024: Rewiring Growth in the Changing Tech Landscape report states that in 2023, global technology spending will fall by around 50 percent, technology contracts will decline by 6 percent, and India’s tech industry will be in line with global markets. We are currently navigating difficult terrain. The industry he grew at 3.8%, resulting in an increase in revenue of $9.3 billion.
As digital capabilities and global ER&D sourcing expand the addressable market, subsectors such as global capability centers (GCCs) and engineering, research and development (ER&D) have emerged as growth hotspots. Reflecting this trend, India’s technology services export revenues (excluding hardware) are expected to reach $199 billion in reporting currencies, representing a growth of 3.3% over FY23.
Debjani Ghosh, president of nasscom, said: “We believe 2025 will be a year of new normal capacity building. To overcome the current challenges, the industry must focus on the 4Rs, or Reshape, which accelerates the transition to becoming an AI-first enterprise. Yes. Reskill – make your talent your biggest competitive advantage. Rewire your growth and increase investment in intellectual property creation and research and development.”
Impact on recruitment
The industry is expected to add 60,000 net employees in fiscal 2024, which is significantly lower than the 290,000 added last year. Given the cautious demand environment, companies have focused on increasing utilization and moving to more just-in-time hiring models. However, the focus on digital skills remains strong, with AI, cloud, data and cybersecurity emerging as the industry’s most in-demand skills in 2023, the report notes.
CEOs expect technology spending to increase in 2024, although global macroeconomic headwinds remain. Industries that performed poorly in 2023, such as high-tech, BFSI, and TMT, are likely to improve in 2024.
According to Nasscom’s 2024 Annual Enterprise and Technology Services CEO Survey, more than two-thirds of respondents want a strong deal pipeline to deliver projects, scale in the GCC, and take AI from PoC to production. We expect revenue growth to improve in fiscal 2025 due to factors such as acceleration. and increased discretionary spending. The CEO also expects the employment environment to normalize, with an expected increase in both graduate and lateral hiring.
Rajesh Nambiar, chairman of nasscom, said: “While headwinds such as the global economic slowdown, inflation, recession fears and geopolitical conflicts continue to pose challenges, we are confident that the industry will bounce back.” Ta. Spending on digital technology is expected to increase in 2024, and we will also see the emergence of alternative demand sources in new markets for enterprises, customer retention, and faster-to-market strategies. ”
This is the last free article.