Indian tech SMEs revenue to double by FY30: Nasscom

Indian small and medium-sized enterprises (SME) in the tech industry are likely to generate revenue of $35-40 billion by FY30, up from $15-20 billion in FY23, according to a report "Indian Tech SMEs" released by industry body Nasscom on Tuesday. Digital tech SMEs, which offer cloud services, advanced analytics, and AI solutions, will account for 35- 40% of the overall tech SME revenue by FY30 up from 21% in FY23, the report added. The overall tech industry in India is expected to double its revenue to $500 billion by FY30. According to Nasscom, 60% of the tech SMEs are BPOs, while 20-25% of the SMEs are in IT services, and 15% offer software products and software as a service (SaaS). The industry body defines tech SMEs as firms that predominantly offer legacy IT, BPM, and subcontracting services, while digital tech SMEs are those that offer cloud and digital transformation services and have also ventured into advanced analytics and AI/ML.