India CIOs as demanding as global peers: Springboard

19.02.2010
Chief information officers (CIOs) in India are said to be becoming as demanding as their global counterparts, requiring a "fresh approach" from IT vendors.

According to a report by Springboad Research, the banking, financial services and insurance (BFSI) IT services market in India is expected to grow from US$1.6 billion in 2009 to US$2.7 billion in 2013, growing at a compound annual growth rate (CAGR) of 14.2 per cent.

Market growth is tied with increasing competitiveness and CIOs are making sure their companies are keeping up.

"Although the BFSI vertical in India is maturing in terms of adoption and use of IT, it continues to be price-sensitive. 'Hard to please' Indian CIOs are becoming as demanding as their global counterparts, consistently expecting vendors to offer a 'fresh approach'," said Sanchit Vir Gogia, senior research analyst for services, Springboard. "Now the key challenge for IT vendors moving forward will be to keep pace with end-user demand for rapid innovation," Gogia added.

Applications and solutions

Among the applications in demand by the industry are customer relationship management (CRM) and business intelligence (BI). CRM applications are used to help maintain customers due to increasing competitiveness in the industry. BI, on the other hand, helps organisations identify potential customers.