Hyderabad: The Information Technology industry in Hyderabad is poised to grow to $50 billion by 2025, the National Association of Software and Services Companies (Nasscom) said Friday.
The apex industry body turned 25, and to mark the occasion an event was held here Friday night to highlight the evolution of Hyderabad as a key destination for IT services and software in India.
Nasscom vice chairman B.V.R. Mohan Reddy said Nasscom's contribution in changing the face of the industry was unparalleled.
He said that over the last 25 years, the IT sector grew to become a $120 billion industry in the country.
He said Nasscom's Hyderabad membership was an important constituent in this accelerated journey.
Since the establishment of the industry in Hyderabad in 1992, the services and products domain here has grown exponentially in terms of both revenue and talent.
From a modest 40,000 square feet Software Technology Park (STP) shared by multiple companies, the sector now boasts of 1,000 acres of land and multinational IT giants.
The IT exports from Hyderabad currently are to the tune of $10 billion.
According to a recent report by Nasscom, over 200 startups have been set up in Hyderabad since 2010 focusing on big data, enterprise solutions and social media.
The region has received immense support from the state government and has rightly earned the name of 'Cyberabad' due to the sheer number of IT companies concentrated in the city.
Nasscom will continue to engage with large enterprises, SMEs and entrepreneurs in the city and across the country to evangelize the industry and support it to take the next big leap in the technology revolution, said a statement by the industry body.
It envisions the next 25 years as a journey driven by innovation, ambition and opportunities, which will see unprecedented growth across verticals.