IT service exports should start diversifying in AI, cloud computing and data analytics, say industry players
Information Technology) segment.
Historically, the majority of India’s IT service importers include North America and Europe, but there has been a lot of interest and potential coming from Asia, Africa, and Latin America, says experts.
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Rahul Ahluwalia, Co-Founder of Foundation for Economic Development, believes that the supply chain crisis is not likely to have much impact on services exports, unless it starts affecting digital connectivity.
He also says that it’s time we should aim at a broadening of India's services exports.
For almost two decades, India’s IT service exports were concentrated in software development and business process outsourcing (BPO). However, in the last decade, services around cloud computing, automation, and Artificial Intelligence (AI) have rapidly grown in the country as well as the demand by importers.
A report by PwC estimates that AI could contribute up to $15.7 trillion to the global economy in 2030. Another report by Bain & Company pointed out India produces 16% of the world’s AI talent pool. The country falls in the top three tech talent markets in the world.
“We should look into more professional services like accounting, legal etc. and also quasi-professional services like coaching, therapy, etc. One important disruptive force to keep in mind will be AI, which will soon be able to perform many of these services,” Ahluwalia says.
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