Product Based Companies have their own product which could be a software or website or app anything! Which they keep on working, maintaining for ages according to the changing times. For instance Paytm. Paytm first developed a basic website with feature of mobile recharge only and within this decade they have optimized site, introduced wallets, UPI, coupons and so much that every week its completely different user experience.
Service Based Companies on the other hand deals directly with a client and build a software/app/website for them. For instance a boutique owner comes up to TCS to build a booking website for them and TCS design, develop the site for them. Then, TCS here is providing service here.
Freshers: As fresher in the IT industry product based companies definitely offer higher package than service based For instance any startup or MNC service based like TCS, Infosys offer around 3.25-4lpa to a fresher where a product based company like Adobe, Lenskart,Amazon,Google have starting package from 10lpa and goes till 25 lpa average.
Experienced: With 4+years experience into the industry everyone wants to join product based companies for better package. So, the service based employees get a management position in these big tech firms to earn from 10lpa to upto 25lpa. But in service based company the maximum growth is 12lpa
Service Based Companies: The Service based smaller companies you get the maximum amount of satisfaction in terms of work as you deal directly with the client, work on more number of modules and you grow more. Almost all the time there are just 2-3 people in entire software development process so you know how all the components work, design them and have better work satisfaction.Also, it is easier for you to switch company later on in service based as now you have KNOWLEDGE!
Product Based Companies: In Product Based Companies you are kept in one single module of the software. Here you dive deep into the depth of optimization and how things work, but its tough to find similar domain in any other company afterwards. Also, the service based people would be growing from 2lpa to 25 lpa and you might get stuck to see yourself at 25 lpa throughout!
One needs to get this very right that every IT company is actually both service based and product based because every startup also has their own product and so do the big MNCs but depending on which is the major source of revenue we have listed some product and service based companies in India.
Service Based Companies:TCS, Infosys, Wipro, Accenture, Cognizant,MindTree are all among Service Based MNCs in India.
Product Based Companies:Microsoft, Google, Paytm, Amazon,Lenskart,TCS are all product based Companies In India.
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