India's got the next big thing in tech, and it could be worth $1 trillion
New Delhi (CNN Business)More than two decades ago, India began its transformation into a global IT powerhouse, ushering in an era of wealth and job creation never before seen in the country.
Now, Asia's third largest economy is ready for the next big frontier in tech: Coming up with a new generation of software companies like Zoom or Slack.
The Covid-19 pandemic has forced business around the world to make huge investments in digital infrastructure, furthering the influence of companies providing software-as-a-service, or SaaS. Businesses spent an extra $15 billion per week last year on tech as they scrambled to create safe remote working environments, according to a KPMG survey.
SaaS companies provide web-based applications that take care of everything from how secure the software is to how well it performs. Some of the world's most well-known SaaS companies include Zoom (ZM), SAP Concur and Salesforce (CRM), the American behemoth that owns workplace messaging app Slack.
India's software-as-a-service industry could be worth $1 trillion in value by 2030 and create nearly half a million new jobs, according to a recent report compiled by consulting firm McKinsey & Co. and SaaSBoomi, a community of industry leaders.
There are nearly a thousand such companies in India, of which 10 are unicorns, or startups worth at least $1 billion, the report said.
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