The IT players in India are given a warning that they will be left behind in the highly competitive marketing technology space unless they enhance their abilities either in an organic manner or via acquisitions. These companies also need to re-brand themselves as the marketing consultants. These details were revealed by a Nasscom (National Association of Software and Services Companies) survey.
The marketing technology presents a $37 billon market for the Indian IT players. Almost a fifth of the same is in the creative space that is an arena where only some players will have the abilities.
As per the report by Nasscom, the global chief marketing officers had rated the necessity to have the creative skills as high. On the other hand, the Indian players are ranked low on the same. The domestic players are considered nascent providers of such abilities in the marketing space. The Indian IT companies are rated high in terms of their marketing analytics skills.
This report will be released next month by Nasscom. It is latest player to join the rising band witnesses an acquisitive strategy that is considered as a necessity to crack the space. There are a few Indian companies such as HCL Technologies that build the necessary skills in-house.
As per the Senior VP, Sangeetha Gupta of Nasscom, there is no necessity to build the skills in this space. The marketing technology and analytics is a short term as well as long term prospect for the Indian IT players. It is time consuming to build this internally, but the acquisitions are an option.
Apart from the IT firms, this sector is also increasing among the martech-focused companies such as Hansa Cequity, serving as an ITBPO. As per the experts, the IT companies in India have to change their way of functioning to succeed in this current digital age.