In the past decade, a huge change has been noticed in the IT sector. Especially Indian IT companies have seen a huge increase over this period. They have discovered that there is a business to carry in the foreign market. Hiring is on again high and big companies are making more profit than ever before.
There are more opportunities in the IT sector than ever before. From medical transcription to insurance processing, from human resources services to customer interactions, digitalisation and not what IT sector is only climbing up the ladder. Someone can know the reasons for this boom. And that’s why we have decided to find the top 8 reasons for this boom in IT:
Compared to earlier days, there has been a lot of diversity in the IT sector. In addition to outsourcing, it also provides services for remote processing, legal database, online education etc. Almost every region has seen participation in IT in one way or other. In particular, the software industry has seen huge growth over the years.
2. Project delivery
The quality of the estimated distribution by Indian companies is commendable. Companies like Cognizant have been successful in combating delivery standards when comparing globally. Other major research organizations like Meta are compared to companies like EDS Corporation and Accenture.
3. Hardware segment
The hardware segment of the IT industry has contributed to a large portion of this sector’s growth. It is expected that it will cross $ 4 trillion market and market cap of $ 130 billion by 2020. This will provide employment opportunities for people. In the last decade, sales of personal computers have also increased. Further, India is entering more and more in the telecommunications and consumer electronics market. This, in turn, can cause the growth of many products. Apart from this, there has been a significant increase in the consumption of banking, telecommunications, manufacturing markets. In addition, business process outsourcing (BPO) and IT-enabled services (ITES) have also seen an increase in hardware equipment. In recent times, India has emerged as a key member of the BPO and service and software industry sector.
It has been a major contributor to the expansion of the IT sector across India. As we are seeing more and more people able to do basic computer tasks required by the company. Apart from this, with the advancement of the Internet and technology, more people are joining the IT sector so that they can take advantage of it. People want to equip themselves with maximum education for a better future. This helps them with various technical advances.
5. Offering new services
As Indian companies are expanding into new markets, they are also offering many options in respect to the services offered. The new services of these companies include consultation, package implementation, infrastructure solutions, business process outsourcing and testing. Extending the portfolio has helped the IT sector grow significantly. This makes them an ideal candidate for customers who want to outsource them.
6. Customer Mining
Indian companies are not only receiving new customers, but they are also providing more and more IT related services to their existing customers. One example of this is cognition, in which there is more relation manager than marketing and sales managers. They believe that maintaining good relations with a customer can be a long way to go. And they are not wrong! As the results show, this helped many big companies grow in double digits in a year. And this is why it is contributing to this IT boom.
Perhaps the biggest reason for IT boom is outsourcing. India offers a cheap labor market for professionals. In India, wages are very low when you compare it to some counties in Europe and even the United States. And this is why more than 100 companies are looking at India as an ideal outsourcing and offshoring destination. Technical investment can give results, but they are limited. Somewhere along the lines, you have to look towards cost and for this, they need to invest heavily in India.
As the world is no longer a safe place, we are seeing a lot of security personnel used to protect people. And this is done through security drones, CCTV cameras, etc. Apart from this, countries are being attacked by hackers and different software needs to be developed to fight this attack. And this is where we need more IT related goods. Apart from this, it creates a lot of jobs in the field of innovation and computing experience. And the graph is still going upwards and is expected to grow in the coming decades.