The $108 billion Indian IT-ITeS industry is also witnessing the rise of tier II and III cities like Kochi, Ahmedabad and Kolkata as product hubs.
"The products ecosystem is rapidly evolving and is being supported by the industry, incubators, angel investors and mentors," National Association of Software and Services Companies president Som Mittal said.
The trend is also driven by rapid technology adoption across segments of the industry with consumers, enterprises, SMBs and the government now looking at e-solutions for businesses and processes, he added.
Nasscom said such a trend is creating opportunities for the developers, operating in various verticals.
"The growth in software products can be judged by the fact that its revenues rose to $2.2 billion in 2013 from $1.2 billion in 2008," Nasscom senior vice president Sangeeta Gupta told PTI.
The industry has seen rise of about 500 software product firms in 2013, she added.
On the growth of the product eco-system, Gupta said there is lot of potential in the start-up business and the number of angel investors in India has risen for seven in 2007 to about 32
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