Indian tech industry projected to reach $350 billion in FY25 as salaries jump
Updated: Aug 27th, 2024
The Indian tech industry is projected to reach $350 billion in FY25 -- from $254 billion in FY24 -- fuelled by the rise of remote work and digital-first strategies, a report showed today.
Traditionally non-tech industries are being transformed through the use of advanced technologies, with over 70% of the companies in telecom, media and entertainment, banking, financial services and insurance (BFSI), and energy and utilities sectors, dedicating more than 20% of their technology budgets to digital advancements.
The tech talent pool in this non-tech sector is also expected to expand at a CAGR of 7.86%, reaching from 7.65 lakh in FY22 to 11.15 lakh by FY27, highlighting the increasing integration of technology across various traditional industries, according to the report by TeamLease Digital.
Considering tech functions in non-tech sectors, the role of a SAP-ABAP consultant has a starting salary of about ₹7.2 lakh per annum that can go as high as ₹31 lakh per annum at over eight years of experience.
In IT products and services sector, cloud investment is set to grow by 25-30% in the next five years. The sector is expected to account for 8% of the country’s GDP by 2026 and create 14 million jobs by adopting cloud solutions, underlining the sector’s potential for economic impact.
In the IT products and services sector, a Big Data developer can command a salary of nearly ₹9.7 lakh per month at starting levels and ₹20.7 lakh per annum at senior levels, said the report.
“Emerging technologies like 5G and IoT are set to further redefine India’s tech landscape, ensuring that the nation remains at the forefront of global technological advancements,” said Neeti Sharma, CEO, of TeamLease Digital.
Moreover, the country which currently has more than 1,600 global capability centres (GCCs) employing over 1.66 million professionals, is likely to see 800 new GCCs in the next 5-6 years, highlighting the country’s growing prominence as a global tech hub, according to the report by TeamLease Digital.
Interestingly, there has been a trend of establishing GCCs in tier 2 cities like Kolkata, Ahmedabad, and Vadodara, indicating a geographical diversification of tech opportunities across the country.
When it comes to salaries, in GCCs, AI/ML engineer job functions have a starting salary of nearly ₹8.2 lakh per annum that can go up to ₹43 lakh per annum at senior levels with more than eight years of experience.
(This story was taken from a syndicated feed, and edited only for style by Gujarat Samachar Digital staff)
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