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Industry Landscape
The IT Services and Custom Software Development industry is currently experiencing robust growth, driven by digital transformation initiatives across all sectors. Demand for specialized solutions in AI, IoT, and data analytics is high. Companies are increasingly investing in custom software to optimize operations, enhance customer experience, and gain competitive advantages, leading to a dynamic and innovative market landscape.
Total Assets Under Management (AUM)
IT Spending in India
~146.4 billion USD
(8.8% CAGR)
India's IT spending is projected to reach $146.4 billion in 2024, an 8.8% increase from 2023. This growth is driven by increased investments in IT services and software.
It reflects the country's accelerating digital transformation.
There's a significant focus on cloud and AI adoption.
Total Addressable Market
146.4 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI will revolutionize software development by automating code generation, testing, and even design, accelerating development cycles and reducing manual effort.
Edge Computing
Edge computing will enable faster data processing and real-time decision-making closer to the data source, optimizing performance for IoT and AI applications.
Blockchain for Enterprise
Blockchain will enhance data security, transparency, and traceability in supply chains and inter-company transactions, fostering trust and efficiency across various sectors.
Impactful Policy Frameworks
Digital Personal Data Protection Act (DPDP Act), 2023
The DPDP Act, 2023, is India's comprehensive law on data protection, aiming to regulate the processing of digital personal data in a manner that recognizes both the right of individuals to protect their data and the need to process such data for lawful purposes.
This policy mandates stricter data handling practices for Synclovis, requiring enhanced security measures and transparent data processing across all client solutions.
IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021
These rules primarily focus on regulating social media intermediaries and digital news publishers, aiming to make them more accountable for content hosted on their platforms and establishing a grievance redressal mechanism.
While primarily targeting intermediaries, these rules could influence how Synclovis designs and develops platforms that handle user-generated content, necessitating built-in compliance features.
National Cyber Security Strategy, 2020 (Draft)
The draft National Cyber Security Strategy, 2020, outlines a framework for strengthening India's cybersecurity ecosystem, focusing on securing critical information infrastructure, promoting R&D in cybersecurity, and fostering public-private partnerships.
This strategy will elevate the importance of cybersecurity in all IT projects, potentially increasing demand for Synclovis's secure software development practices and risk assessment services.
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