The industry - which has been fairly people dependent is slowly moving onto the cloud. And that means lesser people, fewer maintenance and fewer manual intervention. That also means that the manpower driven technology offshoring business will, eventually, taper down into a more technology intensive industry.
Ironically, the same engineers who once transferred knowledge from offshore to India are now building the same 'cloud' systems that will take their jobs away. Not that it is something to shed tears for, any industry will transition as it should.
So, here is the time for those in the industry to start moving up the value chain - or into the value cloud and quickly or look at solving problems differently or solving different problems.
Infosys - has moved - quickly - by hiring someone who has that experience at the helm. Whether he will turn around the Titanic before the iceberg only time will tell. But for the others, this change is round the corner.
May we live in interesting times indeed for the industry.
Meanwhile, people have read the writing on the wall and here is one company - Freshdesk that has a SaaS model originating out of India and doing very well for itself!