National Association of Software and Service Companies (NASSCOM) and SapientNitro has launched a research report titled ‘Marketing, Disrupted: Opportunities for the Indian technology industry’ couple of days back in a press conference. R. Chandrashekhar, President, NASSCOM was present on the occasion along with Rajdeep Endow, Managing Director, Sapient India and Sudin Apte – Research Director & CEO Offshore Insights.
According to Chandrashekhar, “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. 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 states there will be almost 37 billion USD growth for the CMO market and the expense on digital marketing is expected to grow 35% by 2020. Report also predicted that the industry could expand their potential by delivering value to the new stakeholder – the Chief Marketing Officer.. A significant 34% of the marketers surveyed cited new tools/technology investment as one of the key concern areas. The report also produced recommendations for global brands to remain relevant, connected and competitive in the new world.
Other Highlights from the Report are:
- Technology share in CMO budget is increasing
- 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.
- 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
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.