Major software companies reported sluggish growth in their recently declared quarterly results. What was more disappointing was the near term future outlook. Most heavyweights like Infosys and Wipro projected a bleaker outlook for growth. Considering all this, industry experts now doubt the growth projection of 11%-14%, estimated by the industry body Nasscom.
High dependence on the developed world seems to be hurting the Indian IT sector badly. So what should companies in the sector do to de-risk their business? The obvious answer is to look beyond the traditional markets. The companies also need to move beyond their traditional service offering. The demand environment as well as client needs are changing fast. Therefore, the companies need to focus more on services such as consulting, analytics, mobility and cloud computing. Shifting focus from traditional markets and service offerings seem to be way forward for the Indian IT companies.