Bengaluru– With 37 per cent share of the global outsourcing, the Indian IT industry revenue is set to touch $167 billion for fiscal 2018-19, said its apex body Nasscom on Thursday.

“The Indian IT and Business Process Management (BPM) industry revenue, including exports is set to growth nearly 8 per cent annually to $167 billion for 2018-19 from $154 billion in fiscal 2017-18,” said Nasscom Vice Chairman Keshav R. Murugesh at its strategic summit here.

Noting that the industry is capitalising on newer technologies and re-skilling, Murugesh said the back office segment (BPM) has the largest base in the world, generating $32.5 billion revenue with 1.2 million (12 lakh) employees across the country.

“The focus is on intelligent operations — process and domain expertise combined with digital technology. Digital is the key area for clients and service providers while companies eye strategic acquisitions,” said Murugesh.

As digital technologies reshape businesses, the industry is innovating to emerge as the hub for digital solutions. Upskilling for digital, acquiring competencies through mergers and acquisitions or partnerships, building platforms and products and leveraging centres of excellence in new technologies are some of the priorities of the companies.

The day-long summit highlighted how businesses are taking advantage of emerging technologies like Robotic Process Automation (RPA), Artificial Intelligence (AI), digital communications, Internet of Things (IoT) and cognitive computing to improve profitability, collaboration and competitiveness.

“The major row over data privacy needs to be addressed and compliance with the European Union’s General Data Protection Regulation is a regulatory requirement,” reiterated Murugesh.

Adoption of technologies like Blockchain and AI have shown how security, speed and operational efficiencies can be enhanced.

“The essential requisite for any firm is to understand how digital technology from chatbots to analytics can provide a real-time picture of customer interactions and provide customer satisfaction. The rise of RPA has also brought a host of opportunities to both organisations and individuals,” he added.

With 17,000 firms across the country, the industry offers a range of services, having built skills and capabilities to address new and developing customer demands.

Over the years, firms have invested in building capabilities around the new technologies, and have set up labs to deliver digital services to customers. (IANS)