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30 May, 2003Scope for Partnership Between Hong Kong and India in IT Services and Software
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Executive Summary
Software and IT services is a star performing sector in the Indian economy. Total IT services and software revenue reached US$ 16.5 billion in FY2002-03, up 26% from the previous year and accounting for around 3% of GDP. In particular, India has in recent years become one of the world's leading offshore software development centres.
The emergence of India as a force to be reckoned with in IT services and software development presents many partnership opportunities for Hong Kong companies.
Possible areas for Hong Kong software companies to cooperate with their Indian counterparts in the Indian domestic market are applications in the services sectors and the business process outsourcing (BPO) services. Hong Kong companies can use their niche knowledge to play an active role in consortium bidding of major projects.
Another potential for Hong Kong/Indian cooperation is the development of the Chinese mainland market. Hong Kong software companies are a natural choice for Indian companies to perform front-end and customer management functions, given their expertise with the mainland market, customers and culture. Cooperating with Hong Kong software companies can reduce Indian companies' entry risk into the Chinese mainland; help them access mainland customers; and using Hong Kong companies in the implementation of software projects, by providing niche technical services.
On the other hand, Indian IT companies can provide software development expertise, back-office/call-centre operation support and remote maintenance services for Hong Kong IT companies. Hong Kong IT companies can also benefit from technology transfer and Indian IT companies and universities can play a role in training Hong Kong's IT practitioners.
The IT services market in Asia Pacific accounts for 15-18% of the global market. It is expected to grow by around 10-12% in the medium term. This is likely to provide Indian and Hong Kong software and IT services companies business opportunities in the region and a good base for building a strong partnership.
The Indian IT Market: An Overview
India is one of the world's leading offshore software development centres. Bangalore, Madras and Hyderabad are known as the "golden triangle" of India's IT industry development. Indian universities provide some 220,000 software and computer science engineers each year.
India's total IT services and software revenue reached $ 16.5 billion (US dollar, unless otherwise stated) in FY2002-03 (year ending March), up 26% from the previous year and accounting for around 3% of GDP.
In terms of the share of global IT spending, the Indian software industry registered an increase from 1.5% in 2000-01 to 1.9% in 2001-02.
India's IT Services and Software Market
($ billion)
2001-02
2002-03(e)
Software & IT Services ExportsDomestic Software & ServicesHardware, Peripherals & Networking*TrainingTotal
7.6
9.9
2.3
2.6
3.5
3.7
0.3
0.3
13.7
16.5
(e): estimate *: includes a small amount of hardware exportsSource: NASSCOM
Software and services exports
While all the segments within the Indian IT services and software market are growing, the export sector continued to be the star performer, with a growth rate of 30% to $ 9.9 billion in 2002-03.1 Domestic software and services revenue have grown by 11% during the period, from $ 2.3 billion to $ 2.6 billion.
Software and IT services exports now account for 60% of the total Indian IT revenue, with a large slice contributed by offshore operations. According to a study by the National Association of Software and Service Companies (NASSCOM)2, foreign companies can save 30% to 50% of operational costs by outsourcing IT services to India.
North America continues to be the largest destination for Indian exports of software and services, accounting for around 67% of the total. Indian software companies are now turning their attention to diversifying exports to Europe and Asia Pacific.
There was a reduction in IT spending in the traditional markets for Indian software companies - financial services, telecommunication and manufacturing. In response, Indian software companies expanded their presence into newer, vertical markets such as healthcare, retailing and utilities. Larger Indian software companies attempted to provide higher value services, such as IT consulting, system integration, package implementation and IT outsourcing.
Multinational corporations (MNCs) were the largest contributors to the total software and services export revenues, with a share of 27%.
Software and Services Exports: Offshore vs. On-site
"Offshore" and "on-site" are two delivery models for software export projects.
The offshore model is best suited for projects with a well-defined project plan. The software design and development process takes place at the software company's domestic facility. The nature of assignments that are typically delivered in this mode include maintenance projects, software porting and application development to well-defined specifications.
In the on-site model, the duration and nature of assignment or lack of proper definition requires work to be done almost completely at the client's premises. Examples of such assignments include product engineering related services or projects, the scope of which is open-ended and iterative.
The key benefit of the offshore model to customers is a reduction in costs, due to lower billing rates by software companies for offshore software development. Billing rates are estimated to be lower by 40-50% in offshore, as compared with the on-site model.
A significant feature of India's software exports is that revenues from the offshore model are higher and rising faster than those from on-site services. Of the total estimated software exports for 2002-03, the share of offshore services was about 60%, as compared with about 40% from on-site services.
The domestic IT market
The domestic IT market in India has been growing at a slower rate as compared to software and services exports.
IT Domestic Market in India
($ billion)
2001-02
2002-03(e)
Hardware, Peripherals & NetworkingSoftware & ServicesTraining
3.1
3.4
2.3
2.6
0.3
0.3
Total
5.7
6.3
(e): estimateSource: NASSCOM
Outlook: 2003-2008
According to NASSCOM estimates, exports of Indian software are likely to reach $ 28-30 billion by 2008. This forecast is based on four key trends:
Increase in offshore contracts by existing customers: Potential of significant growth in the outsourcing segment, due to a latent demand and as customers become more confident with the offshore model
Global software majors relocating work to India: Entry of global software majors, particularly systems integration firms, into India either by building their own facility in India or entering into joint ventures with large Indian software companies
Further penetration in existing service lines: Potential of increased penetration even in existing traditional service lines such as application outsourcing and custom application development
Penetration of new service lines: Customers are beginning to experiment with non-traditional service lines offshore to India, with Indian vendors gaining in scale and process maturity
Industry structure
The Indian IT services industry has a diverse group of players - large, global companies; small start-up, Indian companies; and multinational corporations. The growth pattern across these player categories is varied.
The top five players account for about 32% of the total industry. These players face challenges such as managing multi-country operations, and vertical markets as they aspire to leverage their size.
The tier two players (with revenues between Rs 1 billion and Rs 10 billion3) account for about 35% of the industry. These players face challenges of differentiating from the tier one players.
MNCs account for about 22% of the industry. These players are exploring ways of how to build deep commitment within their parent organisation towards offshore development in India.
Focused players account for 3-4% of the industry. These include players with a focus on a particular domain/service line/product market. These players face challenges of cutbacks in key markets such as telecommunication and are managing to diversify their offerings.
Small players, with revenues less than Rs 1 billion, account for 10-11% of the market.
SWOT Analysis of the Indian Software Industry
Besides offering low-cost IT human resources4 and high English proficiency, India is able to provide overnight or after-office hours programming solutions and maintenance because of its different time zone to the US and Europe.
According to the Software Institute of Carnegie Mellon University, India ranked second in the world in the number of cases participated in capacity maturity model (CMM) assessment. As at October 2002, 50 out of 77 Level 5 (the top level) CMM companies were in India.5
Moreover, as more and more IT giants like Intel, SAP, Cisco, Sun Microsystems and Texas Instruments have established R&D centres in India, India's position in the global IT industry is likely to strengthen, not just as a base for low-level work such as writing code and trouble shooting.
Despite the continued expansion of the industry, Indian IT companies overall face a number of challenges in order to sustain the growth momentum, one of which is the need to develop more overseas markets like China and other parts of Asia.
Moreover, the growth of Internet application and e-commerce has changed the requirements of software development from code programming that earned the Indian IT sector early recognition to more high value-added activities. Such high valued-added activities include designing web-based e-commerce/m-commerce platform, providing supply-chain management solutions for various business sectors and assisting companies to achieve enterprises resources planning by applying IT etc. These activities require a deep knowledge of the local market and business behaviour, something which cannot be obtained by Indian IT companies without going overseas.
Strengths
Weaknesses
Opportunities
Threats
High level of English proficiency among software technicians
Low cost of software development, as compared with developed countries
Low cost of manpower
Government support
Quality IT infrastructure
Out of 77 CMM Level 5 companies in the world, 50 are in India
Estimated pool of 300,000 high-level software programmers
Large IT services exports
Sustainable cost advantage
Quality of service delivery
High dependence on North American and European markets
Soft demand from local customers
Limited knowledge about Asia Pacific markets; knowledge restricted to North American and European markets
General infrastructure needs to be strengthened; education and labour laws need to be strengthened
Business process outsourcing
Significant increase in offshore contracts by existing customers
Global software players are relocating work to India
Potential of increased penetration in traditional service lines such as application outsourcing and custom application development
Customers are beginning to experiment with non-traditional service lines offshore to India
Certain states in the US such as New Jersey and Washington are contemplating legislation banning outsourcing to India. If this materialises and other states follow suit, it will result in a big impact on Indian outsourcing business
Competition from China in outsourcing business
Source: Industry and NASSCOM
India's Domestic IT Market
Overview
The slow growth in the domestic software market can be attributed to the low focus of the Indian software industry on the market, and inadequate government spending on IT.
A majority of users in the domestic market are in the initial stages of IT development. IT investments have traditionally been mainly in relational database management systems (RDBMS) and enterprise resource planning (ERP). However, large corporations are turning to customised software and systems to improve efficiency and customer services. Hence, investments in ERP, supply-chain management (SCM) and customer-relationship management (CRM) are increasing.
Large corporations in India have traditionally depended on in-house IT departments to meet IT needs. However, in recent times, there is a growing trend towards outsourcing.
The Indian software industry, which mainly consists of small and medium-sized enterprises (SMEs), is gradually increasing its focus on the domestic market for software services.
Vertical Markets
The key vertical markets are banking and financial services, manufacturing, telecommunication and IT, power, retail and government.
Banking and financial services: In the banking segment, demand for software products and services is likely to grow in the areas of risk management, electronic funds transfer and CRM. In insurance, IT spending is likely to be driven by applications such as office automation and CRM.
Manufacturing: Large users have significant IT investments to improve their competitive position. Investments have been in areas such as management information systems (MIS), ERP and SCM. IT investments by SMEs have been low, but are expected to increase during the next three to five years to improve productivity and cost competitiveness.
Telecommunication: IT investments have been in applications/products to manage networks, and improve customer service. New players in fixed-line and cellular services have spurred demand during the past four to five years.
Power: IT investments are directed towards overcoming technical and service inefficiencies. The focus will be on application areas such as metering, billing, collection, and customer service.
Retail: This segment is increasing IT investments. The main application areas are SCM, CRM and e-business.
Government: At present, the level of computerisation is low. However, the government's potential to increase IT investment is significant. Central government organisations could focus on revenue services and citizen services; and state government may focus on land records, citizen services and tax payment.
The Indian Domestic Market: Product Markets
Markets
Users
Demand potential
Demand drivers/trends
Growth areas
Enterprise resources planning (ERP)
Large players; SMEs
High
Demand for solutions that are better integrated, to form core of e-business strategy
Shift towards modularity, open standards and web enabled
High potential in SME segment
Supply-chain management (SCM)
Sectors that have adopted the technology are consumer goods, retail, oil and gas
Automotive and manufacturing were early adopters
Medium potential; the market is in early growth phase
Better analysis tools are being integrated with SCM solutions
Consumer goods and retail are the likely high growth areas
Business intelligence
Early adopters have been finance, banking, telecom, consumer goods, retail
-
Earlier demand was being driven by services companies
Currently, demand is being driven by MNCs, and large enterprises
Gaining more acceptance in sectors where customers are key to a company's future growth
Enterprise portals
Segments that have adopted the technology are manufacturing, retail banking, financial services, telecom, call centres, insurance, state government
Medium to long-term potential is positive
Segment is in development phase
International software vendors dominate the areaKnowledge management, application portals used by select few user companies
Web services still not matured in Indian market
-
E-commerce
Early adopters were manufacturing, telecom, healthcare, banking and finance, automotive, MNCs
High
Main customers are large enterprisesSME market is largely untapped
A major revenue source for software companies during the next 3-4 years
Customer- relationship management (CRM)
Telecom, retail sector
High
The goal of service efficiency is driving usage by corporations
E-CRM to gain momentum in the next 3 years
Source: NASSCOM
Potential for Cooperation - The Indian Domestic Market
"Opportunities can be addressed in specific application areas, such as management of customer care in the healthcare sector; or in other niche areas such as CAD/CAM applications."
Mr. Sunil KunteChief Operating OfficerZensar Technologies
The possible areas of opportunity for Hong Kong software companies to cooperate with Indian counterparts in the Indian domestic market are:
Applications in the Indian Services Sector
There is potential for Hong Kong companies to offer highly specialised, niche skills for the Indian services sector, based on their expertise in service businesses. For example, Quasar Communication Technology Holdings, a GEM-listed company in Hong Kong specialising in developing customised IT solutions for cellular phones, is cooperating with Indian partners to tap into the Indian mobile communications market.
"In this BPO business, it is crucial to have knowledge of customers' business processes. India can bring that as well as huge infrastructure efficiency, good quality and good price. Hong Kong companies can bring in their market expertise in the Asia-Pacific region, to focus on getting customers to use this expertise of their Indian counterparts."
Mr. Anil JainGeneral Manager - Business Development, Marketing & InnovationWipro Infotech
Another potential area for cooperation is the business process outsourcing (BPO) services market, which is an emerging market for IT companies in the Asia-Pacific region.
Consortium Approach for Large Emerging Markets
The Indian market for software products or applications is not an area where opportunities for cooperation can be easily identified. A primary reason is that Indian domestic users prefer global software brands. Also, Indian software companies have low awareness about the software product offerings of their Hong Kong counterparts.
However, there is a trend towards consortium bidding in certain large emerging markets in India. Areas of opportunity are IT solutions and services for the telecommunication public- sector companies; and central and state government agencies, which are just beginning to invest in IT.
Certain Indian IT companies, such as Satyam Computer Services, plan to resort to a consortium-bidding strategy. For instance, in the telecommunication area, Satyam Computer Services has participated in a joint bid with Huawei Technology, a Shenzhen-based Chinese company which specialises in embedded software. A key consideration in this approach is therefore whether Hong Kong companies can establish certain specific skills in software valued by their Indian counterparts.Potential for Cooperation - The Chinese Mainland Market
Basis for Cooperation
In the Asia-Pacific region, Indian software companies are particularly interested in the China market. The major reason is the large size of the Chinese domestic market. Also, from a strategic standpoint, China presents an opportunity to establish low- cost, high-quality back-office processing infrastructure, which could serve as hubs for servicing offshore projects for the rest of Asia.
However, Indian software companies face a difficulty in this market due to their limited knowledge of how businesses operate in the Chinese mainland. Cooperating with Hong Kong software companies can:
reduce their entry risk into the mainland market
access mainland customers
participate in the implementation of software projects, by providing niche technical services.
"Among companies to work together with, in Asia, including the Chinese mainland, Hong Kong companies are the best suited or equipped to address the Chinese market. Hong Kong companies have better exposure to international business, quality processes, best practices."
Mr. Sunil KunteChief Operating OfficerZensar Technologies
Hong Kong software companies have critical attributes that can help Indian players reduce their entry risk in the Chinese mainland, notably their knowledge of how businesses operate in the mainland, Chinese laws, local language and culture. According to the Hong Kong Productivity Council, 43% of Hong Kong's Independent Software Vendors have set up branch offices in the Chinese mainland.6 Hong Kong also offers strong protection of intellectual property.
On a more general level, Hong Kong IT companies have substantial experience in developing Internet-based software and e-commerce solution packages to the market. Hong Kong IT companies can thus provide consultancy services to their Indian counterparts. In some cases, India IT companies are interested in acquiring Hong Kong's IT consultancy firms.7
"The key is to combine Hong Kong's quality infrastructure with the global expertise, proven offshore skills and scale of Indian IT vendors, to establish a seamless offshore operation. This can be a winning combination for both Hong Kong and India."
Mr. Girija PandeRegional Director, Asia Pacific RegionTata Consultancy ServicesAccording to some Indian players, Hong Kong software companies would be a natural choice for a front-end, customer- management function, given their expertise with the Chinese mainland market, customers and culture. Hong Kong companies have built up considerable business domain knowledge, particularly in service industries, such as logistics, banking and financial services, retail, merchandising, hospitality and airline industries.
For others, the key consideration is that such a partnership has to enable the Indian counterpart to have access to a ready customer base and complement the Indian players' range of product offerings, in areas where their offerings are limited, such as m-commerce, entertainment, multimedia services and e-commerce.
Synergies
On the other hand, Indian IT companies can provide software development expertise, back-office/call-centre operation support and remote maintenance services for Hong Kong IT companies. Beside cost and expertise, the turn-around time to accomplish an IT project is also crucial in the IT sector as the market is volatile and fast moving. Indian companies have achieved fast turn-around time by establishing a "library of competencies" which facilitate a quick assembly of a software package for a particular client. This add-on advantage can increase the competitiveness of Hong Kong companies in bidding for local and overseas projects.
Hong Kong IT companies can also benefit from technology transfer and Indian IT companies and universities can play a role in training Hong Kong's IT practitioners.
A Unique Proposition in Offshore Business
Many of the large Indian IT companies have built up global outsourcing capabilities. This expertise can be utilised to create a seamless back office in a location in the Chinese mainland, which could offer an advantage of significantly lower infrastructure costs as compared to elsewhere in the region. Hong Kong can work in tandem with the Indian partner to ensure business continuity for global customers.
The major advantages of such an operation for global customers would be a decrease in the overall 'blended' cost of outsourcing, and a built-in disaster recovery and business continuity facility at a secure location such as Hong Kong.
Chinadotcom
In May 2003, CDC Outsourcing, an outsourcing unit of chinadotcom corporation, reached agreement to set up a joint venture with vMoksha Technologies, an Indian IT outsourcing company headquartered in Bangalore.
Chinadotcom will hold a 51% interest in the JV. The JV will provide outsourcing-related services to major software vendors and enterprises in the US, Europe and Asia-Pacific region. It will have sales and marketing offices in the US, the UK and Australia while its offshore development will be focused on India and the Chinese mainland. By partnering with an India-based outsourcing company, the JV will complement chinadotcom's existing outsourcing capability in Shanghai.
Opportunities in the Chinese Mainland
Key segments
Applications
Players
Demand potential
Partnership potential (HK & India)
Remarks
Discrete manufacturing
Inventory management, manufacturing process, logistics planning, vendor management
Presence of MNC players is increasing; large number of SMEs
High
Medium-high
Presence of MNCs is a big factor; MNCs may outsource IT projects to global software/IT companies
Telecom services
Billing, mediation, customer care, customer contact
-
High
High
-
Apparel manufacturing
Enterprise application
-
Low-medium
Medium-high
Indian player has option to tie up with Chinese software company
MNC financial services
-
MNCs
-
Low
Need business knowledge of China, which a Chinese company will have
Retailing
-
-
Low-medium
Low
Fragmented market. High demand expected by industry, which is not fulfilled
Government
E-government
-
No accurate estimate
Low
Chinese government does not outsource projects to Indian software companies; Indian companies may partner with Chinese software companies
Source: views of Indian industry
Specific Cases of Cooperation
In the past few years, a number of Hong Kong software companies such as Twinwood Technologies, Technology Venture, Vanda Systems, Computer and Technologies, Champion Technology, Sun Wah Hi-Tech Group, chinadotcom and Asia Logistics Technologies have cooperated with India companies to develop the Chinese mainland market.
Zenzen Technologies Consulting Ltd.
Zensar Technologies has entered the Chinese software market through a 50:50 joint venture with Hong Kong-based Asia Logistics Technologies (ALT). ALT specialises in providing SCM and logistics technology solutions and services.
The joint venture company, Hanzen Technologies Consulting Ltd., combines Zensar's global experience with ALT's Chinese experience, to cater to diverse customer requirements including consulting and software blueprinting. Hanzen Technologies Consulting will provide quality consultancy in the area of CMM certification and provide CMM consultancy to software corporations in the Chinese mainland.
In the mainland market, Hanzen Technologies Consulting is at present focusing on MNC and SME segment in discrete manufacturing, apart from retailing and Government segments. Hanzen also operates a development centre which targets mainland-based Japanese customers such as NEC and Fujitsu, as they need applications to support their collaboration with a large number of suppliers.
Hanzen Technologies Consulting has its Chinese mainland headquarters in Zhuhai and is in the process of establishing a software development centre that would meet the requirements of the mainland market and neighbouring countries in the region.
Sun Wah Hi-Tech Group
Sun Wah Hi-Tech Group (SWHT) is the technology arm of the Hong Kong-based Sun Wah Group. SWHT offers comprehensive solutions and services including system integration, e-commerce enabling and software development. In 2000, SWTH formed a strategic alliance with the Chinese Academy of Science to develop Linux-based technology and application software.
SWHT has entered into joint ventures with Indian companies to set up software development centres and training centres in the Chinese mainland. The group is in the process of finalising joint ventures with two Indian CMM Level 5-listed companies. The partnership is expected to provide the Indian companies access to the mainland market, and enable Sun Wah to gain a competitive edge in this market.
SWHT plans to establish software centres in around six locations in the Chinese mainland and develop software capabilities in telecommunication, education, finance, e-government and enterprise. It also plans to enter into IT training and education and conduct R&D activity to develop software solutions. The partnership will also set up IT-enabled outsourcing facilities to service clients in different parts of the world.
An interesting approach being planned by the company is to buy ready software packages from Indian SMEs, which can be adapted and marketed in the Chinese mainland.
Technology Venture Holdings Limited
In August 1999, TopSoft, a wholly-owned subsidiary of Technology Venture Holdings, entered into an exclusive partnership with India's Tata Consultancy Services (TCS), the largest software and management consultancy company in Asia.
In view of the growth of outsourcing in Hong Kong and the Chinese mainland, the team has identified the public sector and multinational corporations as the target clients. TopSoft will focus on project management and marketing while TCS will carry the software development work and technical support.
The team's list of clients includes the Hong Kong SAR government, Motorola and the China Construction Bank.
Conclusion
The IT services market in Asia Pacific (including Japan) accounts for 15-18% of the global IT services market. It is expected to grow by around 10-12% in the medium term. The economic growth of the Asia-Pacific region in the coming four to five years is likely to be higher than that of North America and Europe. This is likely to provide Indian and Hong Kong software companies business opportunities in the region and build a strong case for partnership.
In September 2000, Infosys, the first Nasdaq-listed Indian software giant, opened it Asia-Pacific headquarters in Hong Kong. Other major Indian software giants such as Wipro Technologies, Tata Consultancy Services and Satyam Computer Services have also established Asia-Pacific headquarters in Hong Kong.
Both the Hong Kong and Indian governments have been positive in fostering IT cooperation between the two economies. In February 2000, India and Hong Kong signed a Memorandum of Understanding (MOU) on IT and services cooperation. The MOU contemplates an extensive range of cooperative activities, from commercial and industrial exchanges to investment and technology partnerships, from educational and learning exchanges to the sharing of policy and regulatory information.
1 IT services and software accounting for 20% of India's total exports.2 www.nasscom.org3 The average exchange rate per US$ in 2002 was Rs 48.67.4 The average annual wage of a software engineer in India is US$ 12,000.5 SIIC Journal, Issue No. 89.6 Hong Kong Software Industry Survey 20027 As an example, in October 2000, Indian IT firm Silverline Technologies acquired a Hong Kong IT consultancy company Sky Capital International.
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