HOME > BUSINESS > Indian IT companies staring at $37 bln creative opportunity – Nasscom

Indian IT companies staring at $37 bln creative opportunity – Nasscom

In addition to technology and HR operations, Indian IT companies can now also look at outsourcing marketing functions for their clients due to the increasing role played by social media in marketing, a new report said.

The report, published by Nasscom in association with SapientNitro, finds that there will be USD 37 billion of CMO opportunity for the Indian technology industry by 2020, 17% of which will be purely creative in nature.

17% of the estimated USD 37 billion opportunity for the Indian Technology Industry will be creative in nature.

Creative services alone is estimated to create an impressive 1,00,000 job market by 2020.

The report analyses the disruption caused by the rise of digital technologies in marketing and its implications for the Indian technology industry. It attempts to prepare this industry to leverage this opportunity by delivering value to the new stakeholder – the Chief Marketing Officer. Marketers are actively participating in decision making related to technology.

Over 50% CMOs said spend on digital marketing and brand building will grow between 5 and 10% over the next 12 months

Over 70% CMOs find that their role in the CIO spends is growing.

8% of global CMOs surveyed have ventured into outsourcing and are already engaged with Indian technology providers for creative work, while an impressive 38% respondents are currently weighing the idea of outsourcing creative work.

A significant 34% of the marketers surveyed cited new tools/technology investment as one of the key concern areas.

Also, the spend on digital marketing is expected to grow from current 8% to at least 35% of the total CMO spend by 2020, the report said. The rising interest in outsourcing creative marketing work and digital marketing opportunity are contributing to the huge addressable CMO market.

“Digital technologies are creating disruption in areas beyond those under the purview of the CIO. Clearly, new opportunities for Indian technology players are opening up, opportunities that demand closer coordination with new stakeholders in businesses and modify their services to address new kinds of needs,” R. Chandrashekhar, President, NASSCOM said. “Technology players must review and streamline their services and offer customized solutions for modern business to make the most of the new opportunity.”

The report prescribes a strategic direction for Indian technology companies to streamline their services and products roadmap, in sync with the current requirements of CMOs. It asks IT companies to look at the holistic picture, building in-house capabilities and forging seamless and symbiotic relationships with marketing agencies. Further, the report also prescribes recommendations for global brands to remain relevant, connected and competitive in the new world.

Companies like Persistent Systems already do a lot of digital marketing for clients. It handled social media marketing for the movie Chennai Express.

Follow ULTRA.news
PC Jeweller signs Akshay Kumar, Twinkle Khanna for pan-India expansion PC Jeweller, the Delhi-based jewellery chain, said it signed up Bollywood stars Akshay Kumar and Twinkle Khanna as it gets ready for a pan-India expansion.The brand, which started 12 years ago with a single shop in Karol Bagh in New Delhi, today has close to 80 outlets. Most...
Twitter doubles ‘word limit’ to 280 characters After years of debate, micro-blogging website Twitter is testing a higher word limit for some of its users, including some in India.Users, particularly active ones with large following, have been pleasantly surprised to see the limit of 140 characters relaxed as of today mor...
Facebook joins Election Commission’s ‘No Voter Left Behind’ campaign Social network Facebook said it has tied up with the Election Commission of India to remind Indians to register themselves to vote."Starting from 1st July till 4th July, the voter registration reminder will be sent to people on Facebook in India who are eligible to vote," Fac...
Facebook restores world’s biggest page for Atheists after outcry Facebook has restored 'Atheist Republic', by far the biggest page operated by the Atheist community on any social media network, after it was shut down using 'mass reporting' by religious people.The move followed a big outcry among atheists and free-speech advocates online. ...
Facebook stops chasing ‘Likes’, looks for ‘followers’ instead Facebook has made a strategic change in the way it facilitates brands, organizations and celebrities interact with their followers on the social network. It has started de-emphasizing 'likes' and instead promoting 'follows'.Unlike competing platforms like Google Plus and Twit...
Facebook to start showing ads in Groups Facebook, the biggest website in the world by amount of time spent, has started showing targeted advertising on 'Groups',  the social network's equivalent of forums.The ads will be based on the interests of the user,  Facebook  said in a communication to group administrat...
Quora imposes restrictions on anonymous users; to pre-screen anon content; stops likes, comments Quora, the question and answer app that is very popular in certain pockets of population in India and abroad, said has made three crucial changes to its anonymity policy: installing a mandatory screening process, preventing anonymous users from liking and commenting, and removing...
Facebook biggest beneficiary of Reliance Jio free data It's common knowledge that Reliance Jio's free data service has massively increased Internet usage in India, but a new report throws light on what categories have been benefited and which have not.The biggest beneficiary of the free data offer from Reliance Jio is -- yes,...
Reliance Jio Impact: Online Advertising rates decline in India in November 4G operator Reliance Jio's trial services, which started in earnest about three months ago, has disrupted the online ad industry by massively increasing the total inventory without a commensurate increase in ad budgets.INTERNET EXPLODESToday, Reliance Jio has 50 mln u...
Intex washing machine commercial features Madhuri Dixit On-Air Intex Technologies put on-air its fully automatic washing machine TV commercial featuring bollywood actress Madhuri Dixit, who recently signed as brand ambassador for Refrigerators and Washing Machines for two years.The 20-second commercial will be broadcast pan-India acr...
Times Now, NDTV have most ads, India Today, CNN-IBN least – TRAI A report by the Telecom Regulatory Authority of India has revealed that NDTV 24x7 has the highest number of peak-hour advertisements among English news channels in India, followed by Times Now, India Today and CNN-IBN.According to the report, NDTV showed an average of 22.66 m...
Why Google’s takeover of Twitter is inevitable When I started using social media about 8-9 years ago, Facebook and Twitter were largely equal in their cool factor. In fact, while it was not obvious what Facebook was (a more intrusive form of Orkut, anyone?), the possibilities of Twitter seemed as limitless as the places w...
Zee Cinema to show different ads in different states using geo-targeting Zee Cinema will use technology from Amagi Media Labs to geo-target advertisements, or show different ads in different areas."Zee Cinema will now give advertisers targeted access to over 158,600,000 viewers and coverage across 16 markets where Amagi has the capability to deliv...
Arnab Goswami chides India Today for its ‘negative campaign’ against his channel Throwing the latest viewership numbers in its face, Arnab Goswami, editor of Times Now proclaimed that his channel had returned to No. 1 and urged his rival (read India Today) not to waste its money on futile marketing campaigns."Each time someone mocks or apes us, our viewer...
Companies hiking ad spend this year – Survey Faced with a hard -sell situation, corporates are gearing up to spend about 25-30% more on advertising this festive season as compared to the last year in consumer durables, electronics & auto taking the lead, according to an ASSOCHAM recent paper....
Jet, Etihad to sponsor Mumbai Indians Etihad Airways, the national airline of the United Arab Emirates (UAE), announced a new sponsorship deal along with Jet Airways naming both airlines as principal sponsors and official airlines of the Mumbai Indians cricket team. This is the Abu Dhabi-based airline’s first hig...
Digital advertising in India now about 10% of total – FICCI KPMG Report 2014 Digital advertising has reached about 10% of the total advertising market in India, according to numbers from the annual FICCI KPMG media and entertainment industry report.Digital advertising, including mobile advertising and online advertising, was the fastest growing se...
Facebook wants to become a platform for public content Facebook wants to emerge as a platform for public content, and not just private or person-to-person content, but is not really offering a video platform for content providers like Youtube, Facebook's vice president for media partnerships said."We want to be a platform for sha...
Facebook now has an exclusive newsfeed for Pages Facebook has unveiled a new newsfeed feature dedicated exclusively to Facebook pages.The new feature, that can be accessed at www.facebook.com/pages/feed, shows 'stories' only from Facebook Pages that the user has subscribed to.The idea seems to be to allow users to track...