India is the world’s primary destination for outsourcing the Information Technology (IT) industry; making up approximately 67 percent of the U.S. market. There are over 10-million brilliant minds working together to keep the industry moving at an unparalleled pace. The IT industry has led significant growth to the Indian markets and has revolutionized the country. India was branded as the emerging destination for the IT industry and as an essential contributor with regards to the global economy.
Following the U.S. Presidential Election, there have been reasons to worry about the IT industry. Its sector has to face slow growth since Donald Trump is repeatedly campaigning against the IT outsourcing, as well as immigration. The next possible move of the Indian IT industry is to focus on the domestic market, as it will be enjoying big opportunities created by the Government of India as part of the Make in India’ initiative. Also, the government’s new policy of demonetization could be a reason for a boom in the sector. The IT industry has played a significant role in the education in India, which created demand in the Engineering field, especially the Computer Science Technology.
The main reasons why IT is the next big thing in India, as a new revolution after the U.S., are the following:
The size of the market:
- The Indian IT industry is expected to have a growth rate of 12-14 percent for the financial year 2016-17.
- The industry is projected to is also projected to triple in size in terms of in size in terms of the annual revenue, by the year 2025.
- There are currently 4,200 start-ups running across India, making it rank third globally.
- Indian IT companies have proven their strength and ethical soundness over time, and have ethics attracted the investors around the world.
- The software and hardware sectors in India have have attracted the Foreign Direct Investment (FDI).
- Rising Indian start-ups are estimated to have crossed billions of deals in the quarter ending March 2016.
- Giant global IT companies like Google and Microsoft are looking for various projects across the country,, from free Wi-Fi to railway digitization.
- The Government’s’s new move towards a Cashless India will enable the the IT industry to enter the domestic market and initiate digitalization in India.
- Projects like Digital India and Cashless India will not only help the IT sector grow but will also encourage innovation and new initiatives in the field of R&D.
- The concept of Demonetization pushes Indians towards a digitalized world, where unavailability of cash will drive people to choose digital ways, which in turn will generate more customer data.
Mark global presence:
- As India is the top destination for outsourcing of IT products to companies across the globe, the country’s IT industry has proven its capabilities in delivering services to the domestic and global clients. Considering the points mentioned above, the image below will only be strengthened and the industry will mark a global presence.
To conclude, the IT evolution will take place in India once again after 1984, leaving the U.S. behind and arriving as the next most anticipated thing in the country.