IT giants TCS, ranked 29, and Infosys, ranked 27, are among the latest PwC global 100 software leaders report which is topped by Brazil's TOTVS in terms of revenue.
The report also says that in terms of revenue, India was ranked fifth among the emerging markets in 2011.
In terms of software revenue among emerging markets China topped the list with 2,738 million, followed by Israel 1,174 million (2nd), Russia $1,015 million (3rd), Brazil $945 million (4th) and India $797 million (5th).
Meanwhile, Geodesic was ranked 14 on the list of software services revenue, followed by OnMobile (21), Subex (26), Infosys (27), TCS (29), FT India (35) and Tally Solutions (39).
Among other Indian firms, Cranes Software was placed in the 44th position in the list, followed by 3i Infotech (60), Newgen Software (62), Ramco Systems (64), Persistent (65), KLG Systel (71), Polaris Software (72), Educomp Solutions (85) and Teledata Technology (89).
"Emerging markets are poised to play an increasingly pivotal role in the global software industry. Focus on innovation, growing talent pool and government support are just some of the advantages of this market segment," the report said.
Meanwhile, the number of software product firms have grown over the last decade from a little over 100 in 2000 to nearly 2,400 in 2013, it said.
According to the industry body NASSCOM, revenue from the software product segment currently stands at $2.2 billion and is expected to reach $10 billion by 2020.
The PwC report noted that software-as-a-service is gaining traction.
Moreover, industry consolidation and increasing globalisation are also transforming the software sector.
"The Indian IT industry has been primarily identified with software services and this focus has relegated the software products segment to the background. However, of late, we are seeing a change in the fortunes of this segment due to significant growth," said Sanjay Dhawan, leader of technology at PwC India.
Emerging technologies such as Social media, Mobility, Analytics and Cloud (SMAC) are driving the growth in the software product segment and helping it move to the next level, Mr Dhawan added.