India ISV Market Outlook 2030

An independent software vendor (ISV) is an individual or business that deals with consumer or enterprise software. These vendors also build the software, which range from basic utility or productivity applications to enterprise class business process applications. ISVs differ from original equipment manufacturer (OEM) software developers in its functionalities and the work both these entities do. The India independent software vendors (ISV) market is anticipated to grow with a CAGR of 11.47% over the forecast period, i.e., 2021 - 2030. Factors such as the surge in the adoption of cloud-based technologies amongst businesses, not just in India, but around the world, followed by the fact that India is one of the major exporters of IT services worldwide, and the rising demand for value-added services (VAS) amongst the end-use industries, which raises the need for the adoption of customized software, are anticipated to drive the growth of the market during the forecast period. The India independent software vendors (ISV) market is estimated to garner a revenue of around USD 1370 Million by the end of 2030, up from a revenue of about USD 460 Million in the year 2020.

The India independent software vendors (ISV) market is segmented by software deployment and by application. On the basis of application, the market is segmented into financial services, healthcare, industrial & manufacturing, public sector & utilities, retail, service provider, telecom, media & entertainment, and others. Out of all the segments, the retail segment is expected to generate the largest market revenue of close to USD 430 Million by the end of 2030 and also grow with the highest CAGR of 14% approximately during the forecast period. Moreover, in the year 2020, the segment generated a revenue of near to USD 120 Million in 2020.

Some of the prominent industry leaders in the India independent software vendors (ISV) market that are included in our report are Tata Consultancy Services Limited, Infosys Limited, 3i Infotech, C1 India, Enaviya Information Technology Pvt. ltd., Cognizant, IBM, Bartronics India Limited, KPIT Technologies Ltd, Educomp Solutions Ltd., CMC Limited, and others.