Information technology of the IT sector is a complete knowledge based industry that centres on various aspects of computer fundamentals. This sector essentially uses services, hardware, and infrastructure to store, develop, and exchange information in different forms to accomplish various business objectives.
Information Technology’s Market Size
Information technology and Information technology-enabled services in India saw a growth of USD 181 billion between 2018 and 2019. The sector’s export increased to USD 137 billion in 2019 and domestic revenue accounted for USD 44 billion.
Moreover, investment in the IT sector in the country is expected to increase manifolds and hit around USD 87.1 billion in 2018, accounting for 9% growth. Similarly, the revenue generated from the digital segment is speculated to witness a growth of 38% and become a USD 350 billion industry by 2025.
The Development of Information Technology
The strengths and competencies of India’s IT sector have attracted prolific investment from across the globe. The computer hardware and software sector in India generated a Foreign Direct Investment inflow of USD 37.23 billion between 20000 and 2019. And according to the report of the Department for Promotion of Industry and Internal Trade (DPIIT), India ranks second in terms of FDI inflow.
Some of the globally reckoned IT firms in India include Wipro, Infosys, Tech Mahindra, TCS, etc. Moreover, these companies are constantly diversifying their products and services by extending innovative ideas and research and development.
Increase in Employment Opportunities
The increasing growth of IT industry in India has paved the way for the creation of many jobs, thereby alleviating the socio-economic level of the citizens. Conglomerates, as well as small-sized companies across various industries, are hiring skilled and non-skilled professionals to leverage the full potentials of IT.
According to experts, the IT workforce will increase to 30 million by the year 2020, making IT the biggest sector employer. Moreover, the sector is also expected to witness a reliable salary structure. Organizations from different industries are trying to boost their operations in areas including algorithm design, cloud computing, data sciences, etc. This will increase the growth of employment opportunities in the information technology sector.
The Final Thought
India stands at the forefront when it comes to offshore destinations for IT organizations around the globe. Over the years, the sector has proved its capabilities in on-shore as well as off-shore services to national and international clients. In the coming years, we can expect to see a plethora of opportunities in the IT sector that will pave the way for many opportunities that will eventually contribute to the overall growth of the country.