The Indian Information Technology / Information Technology Enabled Services (IT-ITES) industry has emerged as one of the most dynamic sectors in India’s economy and is responsible for the global recognition of India as a “soft” power. The consistent growth of the IT segment has created phenomenal wealth, employment, exports and a significantly large reservoir of highly competent technocrats and knowledge workers.
[su_spacer size=”10″](Source : ibef.org)[su_spacer size=”10″]
Majority of the Fortune 500 and Global 2000 corporations are sourcing IT-ITES from India. Indian IT companies have set up over 600 delivery centres across the world and are engaged in providing services in over 200 cities across 78 countries. In terms of the national GDP, the sector revenues have grown from 1.2 per cent in FY1997-98 to nearly 9.5 per cent in FY2014-15. India continues to maintain leadership position in the global sourcing arena, accounting for almost 55 per cent of the global sourcing market size in 2014 as compared to 52 per cent in 2012.
Over two decades of outsourcing experience has helped the Indian IT industry move from the position of being a vendor to a partner, with expertise in designing best practices across services, helping clients in achieving significant top line growth, business and operational improvements. The industry has been constantly expanding its service offerings and added capabilities, evolving its business models, exerting tight control over operational parameters to ensure high customer satisfaction.
The Department of Electronics and Information Technology is coordinating strategic activities, promoting skill development programmes, enhancing infrastructure capabilities and supporting R&D for India’s leadership position in IT and IT-Enabled services.
IT-ITES Industry Revenue Trends (in USD Billions)
(Source: Nasscom, E: Estimate)
The USA, UK and EU remain the major markets for the Indian IT software and services exports, accounting for nearly 90% of the total IT-ITES exports.
World is at the inception of a new age where default is Digital, interplay of a phenomenon called ‘Consumerisation of IT’ fuelled by a set of technologies commonly referred to as Social, Mobile, Big Data & Analytics, Cloud, and AI & Robotics. Like the internet revolution and PC revolution before that, this began as a technological change but is rapidly transforming into a sociological change, driving and impacting practically every facet of our lives and work. Today’s systems are being shaped by technologies like machine learning and automation; manufacturing is moving to customised 3D printing; commerce is moving online. Such transformative changes are the drivers of today’s global economy, disrupting many traditional firms and indeed industries, driving businesses to change and adapt.