"iSPIRT estimates that India has the potential to build USD 100 billion software product industry by 2025, contributing significantly to the nation's current account," officials of the think tank said.
"While the existing framework of sector's revenue contribution does not concur to this estimate, all that is required to make this happen is some resolute and purposeful action by two major stakeholders: industry and government," they added.
iSPIRT today released its first 'Product Industry Monitor Report' that mainly focused on industry demographics, founder profile, talent management and financing aspects of India's product industry.
Highlighting the key findings of the report, Fellow at iSPIRT Foundation Srivardhini K Jha said, "Over 50 per cent of software product companies are completely self funded or bootstrapped."
She said another key finding is that lot of senior talent from MNCs is starting software talent companies - close to 40 per cent of founders come from MNCs.
Stating that according to the report Indian software product startups are experiencing 'talent starvation' at the entry level, she said, "report also mentions that 78 per cent of Indian software product startups defy the universal logic of having founders with diverse skills, and instead have homogenous founding partners."
Jha also noted that three most common product sectors that companies work in are Enterprise, SaaS and Consumer.