Indian IT software and services exports FY 2023, by type

IT sector exports from India reached at about 193 billion U.S. billion dollars in the fiscal year 2023. The IT software and services dominated the export with 126 billion dollars. The IT exports dominated the industry and constitute the majority of the total revenue. However, the domestic market has shown encouraging trends as well. 

India’s billion-dollar digital empire

The information technology sector in India was estimated to spend over 124.6 billion U.S. dollars on various sections in 2024. The device and the telecommunication services accounted for the majority of earmarked spending. As far as the various divisions within the industry are concerned, banking, financial services and insurance were the leading segment with more than 40 percent of the export market share in the country.   

SaaS companies in India

India’s software as a service (SaaS) scene has gone through several changes over time. Generating around 10.2 billion U.S. dollars in revenue, SaaS companies have become one of the fasting growing companies in the nation. However, this was not the case a few years ago. The SaaS landscape in India began with the horizontal players, who aimed at the small and medium business holders in the country. With time, several other companies with varied focus entered the league. The funding received by the software as a service (SaaS) companies also rose exponentially over the years, with more than five billion U.S. dollars.