Role of innovation in software service industry

Abstract

Software Industry has been riding high throughout last decade or so in India. The Indian software companies have continuously produced satisfactory quarterly and yearly results. As an investment destination, India has attracted almost every known US based Software Companies to take advantage of the Indian ecosystem. Brand India has come up the age and created lot of job avenues for people of India. It has changed the lifestyle of Indian, and has a profound effect on Indian Economy. Considering the current boom of Software Industry in India, we decided to take a leap forward and tried to uncover the impending risks that India might face in near future. Our work also involves a detailed analysis of the software market in India and how the software service industry impacts our economy. SWOT analysis of the current market trend, Analysts view about the future directs the industry obtaining a sustainable advantage via innovation and thus differentiating similar looking service industry to its customer. Our proposed Innovation Framework will help the Indian Services Industries to combat the risks imposed by various factors like current development of low cost destinations, increase in salary/perks of professionals in India, etc. The study includes an in-depth study of Innovation in the Indian Software Service Industry and how Indian software Industry can leverage Innovation capability for its sustainable competitive advantage. We tried to evaluate the support from the environment for the industry to move towards 'Innovation'. The basic blocks for the innovation frameworks are identified and recommended as the next step to leap forward.