Why Dive into a Product Management Career Today?
- product management
- 16 min read
The Indian IT ecosystem has been on an overdrive since 1990 with the services and outsourcing sectors dominating the scene because of cost arbitrage. Owing to a maturing domestic market, increased expertise and a conducive business climate, the current decade has seen an explosion of companies focused purely on product design and development. As a result, India is fast moving from being the back office of the world to the forefront. Established names and promising start-ups have made their presence felt in the product development arena by proving their ability to deliver great products to local and global markets.
"Needless to say, product leadership has played a big role in charting the growth of the Indian IT industry. The role of product management has been critical in this development."
Key Takeaways:
- The Indian IT industry is transitioning from services to product development, showcasing a shift towards product leadership.
- Skilled product managers are in high demand globally and in India, playing a crucial role in shaping the future of technology.
- The employment of product managers is projected to grow significantly, with above-average salaries in both the United States and India.
- Product managers are responsible for maximizing business value throughout the product’s lifecycle and aligning it with business goals.
- They possess in-depth market knowledge, engage with customers, and develop business strategies to meet market requirements.
- Product managers act as entrepreneurs, general managers, CEOs, and diplomats, driving revenue growth and profits for companies.
With low-cost tech hubs emerging in geographies such as China and the Philippines, India is slowly but surely moving from the services mindset to developing products that enable social transformation. We have seen a number of large multinational product companies such as Microsoft, IBM, Cisco, Google, Adobe, etc., set up development centres in India and focused on doing core product development from here. Startups-done-well such as Tally, Druva Software, Quick Heal, Flipkart, Make My Trip, FreshDesk, Zomato, etc., are just a few names that have also made a place for themselves in the product leadership ecosystem. The rise of e-commerce, m-commerce and increasing adoption of apps owing to the mobility boom has given rise to more product opportunities in the Indian market than ever before.
As businesses increasingly rely on digital solutions to enhance user experiences and drive growth, the demand for skilled product managers has soared. This trend is evident in both the global market and the burgeoning Indian market, where product managers are playing an increasingly pivotal role in shaping the future of technology.
- According to the Bureau of Labor Statistics, employment of product managers, including product owners, is expected to grow 10% from 2020 to 2030 in the United States, much faster than the average for all occupations. This growth is due to the increasing demand for products and services that are user-friendly and meet the needs of consumers.
- According to a recent survey by the Product Management Association (PMA), the average salary for a Product Manager in the United States is $112,500 per year. This salary is significantly higher than the average salary for all occupations in the United States, which is $45,760 per year.
- According to Naukri.com, a leading job portal in India, there are currently over 8,000 open Product Manager positions in India. This is up from over 6,000 open positions in October 2022.
According to Indeed, the average salary for a Product Manager in India is ₹18,50,000 per year. This salary is significantly higher than the average salary for all occupations in India, which is ₹5,50,000 per year.
The next question that may occur to you is how valuable is a product manager in this ecosystem. To put it simply, the product manager is responsible for ensuring the success of the product by maximizing business value over its entire lifecycle and in alignment with business goals.
Product managers need to have in-depth knowledge of the market in order to identify trends and opportunities. They do so by engaging with customers to identify and understand their problems and the related pain points. They then review these problems in relation to the company strategy, available funding, available intellectual capital and competition to develop a business strategy. The aim is to build a strong and capable product that addresses the market requirement. Once this is done, the product managers are responsible for the execution of this strategy too. Product Managers facilitate executive approvals, contribute to building the product and drive the product to market with the marketing and sales teams.
Whether a company is a start-up or an established multinational, ultimately, it is the Product Managers who mold customer requirements, market issues and technology trends into market offerings that trump the competition and help in revenue growth and profits.
"Product Managers are part entrepreneur, part General Manager, part CEO, part process and product experts and part diplomats who can get the job done."
Today many multinational companies in India are looking at hiring product managers who help them decide what to and what not to build. India Inc. too is focused on building products to meet the needs of a global market. This job role gives an individual immense opportunity to develop as a strategist by employing critical thinking skills, leading cross-functional teams, and navigating challenges with diplomatic skills while ensuring collaboration and learning to make profitable trade-offs for business benefits. To our mind at least a Product Manager is undoubtedly the most valuable asset in a product company, one who best understands customers and has a direct impact on the growth of the organization.
"Wasn’t it Henry Ford who said, “It is not the employer who pays the wages, he only handles the money? It is the product that pays the wages.”
Frequently Asked Questions
The Indian IT industry has shifted from services and outsourcing to a focus on product design and development, positioning itself as a forefront player in the global market.
Product leadership has been instrumental in driving the growth of the Indian IT industry, enabling companies to deliver exceptional products to both local and global markets.
According to the Bureau of Labor Statistics, employment of product managers, including product owners, is projected to grow 10% from 2020 to 2030, outpacing the average for all occupations.
The average salary for a product manager in the United States is $112,500 per year, while in India, it is ₹18,50,000 per year, both significantly higher than the average salaries for all occupations.
The demand for skilled product managers has significantly increased as businesses rely on digital solutions for growth, enhancing user experiences, and meeting consumer needs.
Product managers are responsible for ensuring the success of a product by maximizing its business value throughout its lifecycle, aligning it with business goals, and driving its execution in the market.
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