"We can no longer solely bank on delivering cost effective quality services. The changing dynamics and business models demand co-creation with clients, resulting in proprietary products for Indian Technology Company which in- turn will deliver better value to end consumers," he said.
According to the report, to enhance the benefits that can be realised from IP, it is imperative that organisations gain a proper understanding of the IP value chain.
The value chain details the various steps associated with the evolution of an IP asset from the state of building a road map, managing information and workflows to the state of a tangible product.
The three steps typically involved in the IP value chain are - IP Generation, IP Management and IP commercialisation.
With an increase in focus on product development and generation of IP, organisations in India are focusing not only on traditional R&D but also in end-to-end managing of the IP portfolio, the report stated.
"I am seeing stark differences in the investments being made by Indian technology players, especially in the areas of human capital, infrastructure, marketing, new age solutions and even M&a," KPMG India head for IT/iTes Pradeep Udhas said.
If there is adequate support from the rest of the ecosystem like educational Institutes, funding agencies and regulatory bodies, the Indian IT-BPM industry can reach close to the projected growth rate and be a USD 300 billion industry by 2020, he said.
He said a considerable part of this will emanate from transformational models, creation and monetisation of IP, and developing strong domain expertise around emerging trends such as SMAC.
The report emphasises that there is a growing need for more breakthrough technologies and product oriented outlook in India.
It said that collaboration with various components in the IP eco system like educational system and investment systems is also of crucial importance.
