Janifha Evangeline | Friday, 18 February 2022, 19:01 IST
According to a report by NASSCOM, the IT sector in India has crossed the revenue of USD 200-billion mark, this fiscal. This has created a defining moment for the technology services sector of the country. Accounting for five million direct jobs, with over two million added in the past 24 months, the industry has also cemented its position as the largest private-sector employer in the country. Out of these, 450000 was added in the Financial Year 2022, - the highest addition ever.
The IT industry which comprises BPM, Captives, and IT services added USD 30 billion in incremental revenue, which appeared at the back of the rapid pace of technology adoption and migration to the cloud, post-pandemic which bolstered the demand for outsourcing services.
Driving Factors
An industry that has been growing rapidly is the Information Technology industry. While the other industries have gone through turbulent times, the IT industry is one such industry that has not only been meeting but also exceeding the expectations of the industry veterans and trade bodies. Key factors driving the growth of the IT industry include low cost of operation and tax advantages, strong growth in export demand, the government established SEZs, supportive government policies, adoption of new technologies like cloud computing, AI, Big data, etc. and rapid introduction of IT technologies in major sectors such as telecom, BFSI and more.
While the IT sector is experiencing a boom like never before, and owing to the immense amount of potential, more and more brands are looking to expand in this area. Every year, new trends are introduced within the industry, and therefore, it becomes imperative for professionals to be familiar with these trends. A few of these include:
Cloud computing: Cloud computing has become the go-to solution for most brands, which are looking to improve their work & make it highly efficient in a digital space.
“It’s no surprise that cloud-based subscription and hosting offerings are shaping the IT Services industry. The ability to take advantage of these new offerings are often hindered by a lack of internal expertise required to support them, as well as the lock-in to legacy technology (e.g. capital investment, contracts),” says John Quirk, Vice President of Network Operations & Manny Landron, Chief Information Security Officer, IAT Insurance Group. “New offerings and technology capabilities are rapidly becoming available and even companies with a large IT staff cannot keep their workforce trained fast enough, so there will be a big push to a new hybrid IT support a model where you have a mix of internal IT staff with supplemental managed services,” he adds.
Mobile Apps:
Although mobile apps have become popular only in the last few decades, they are surfacing in bigger and better ways. Various industries, as well as Brands across the globe, are searching for ways in which they have the options to improve their work through the implementation and usage of mobile apps.
Big Data Analytics
This is a trend that is now being implemented in almost all industries, which leverages or makes use of large-scale production processes & supplies. This technology not only lets brands process their information in a better way but also facilitates them to gain a better understanding of the segments they need to focus on.
Automation
Another major trend that has to a greater extent hit the manufacturing units is Automation. This is something which is predicted to only grow more and more in the near future. It has facilitated processes to work at a rapid pace and helps organizations in reaching their goals efficiently.
Cyber Security
Owing to the rapid growth of digital mediums and advancement in technology, there are potential threats, which every user comes across and it is ever-increasing. Due to this, cybersecurity has grown rapidly in the last few years. Furthermore, industries across the globe have also realized the significance of investing in cyber security, and this is the major reason why the segment is experiencing growth at such a rapid pace.
In a recent report launch event, Union Minister for IT Ashwini Vaishnaw, said “The industry's resilience has given more confidence to the global economy about the Indian IT industry and is also evident in the $200 billion milestones the industry crossed.” He also spoke about the efforts the industry made in the employment addition. Since it added a record 4.5 lakh people this year. This is likely to continue.
Conclusion
India’s Information technology industry is gaining momentum in newer disruptive technologies and it will play a major role in the fourth Industry revolution, globally.
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
