HSBC, in a note to clients:

Just making code is not enough

For example, India based companies have had the ability to create and market enterprise class software for decades … at scale. And there is certainly enough talent that has been exposed to business logic and domain expertise while working at India-based subdivisions of the biggest legacy players. Yet over the decades, even with this insight and a massive low-cost skilled workforce, no regional vendors have successfully emerged to challenge the legacy US vendors, in our view. Factors such as having enterprise class sales teams, technology cross-licensing agreements, proprietary and patented IP, industry specific domain expertise, aligned workflows with industry practice, being first-to- market, having brand awareness, scale, or effective go-to-market strategies are just the tip of the iceberg when looking into the key attributes needed to compete effectively in the software sector and … just making code is not enough.

(The note isn't in public domain, hence sharing here the text and screenshot.)