In the past, India has frequently appeared to be among the emerging nations’ relative laggards, particularly in terms of economic growth. However, what changed that was the IT revolution in the country that led to the Indian software industry being recognized as one of the most successful in the world today.
The outsourcing of software to technical software companies donated to the IT industry’s rise in the late 1970s. It was quick and simple, and in the uncharted territory of technology, it was practical. Due to the extreme lack of skilled engineers who could make original software, the early 1980s were all about “prepackaged” software.
But in the 1990s, project-driven software services made a comeback, which ignited the sector’s exponential, high growth rates in India.a Soon the local industry established itself, and multinationals began to set up their development centres in the country, starting with Texas instruments in 1986.
The rest is truly history! With numerous stages of growth and development over the past three decades, the Indian IT industry has been rising at an astounding rate since the early 1990s. One of the biggest digital centres in the globe today is India. It frequently uses phrases like “digital technology,” “Artificial Intelligence,” “Cloud Computing,” etc.
Growth of the IT Industry in India
The knowledge economy of the twenty-first century depends heavily on the information technology (IT) sector. India has been classified as a knowledge economy globally due to its great IT sector. The IT sector consists of hardware, software, e-commerce (online business), IT course services, and IT-enabled services (ITES). The infrastructure needed to store, process, and exchange information for vital company functions and other organisations are also developed in part by this industry. Any corporate firm’s expansion and success now depend on IT-based services and solutions. This industry not only has tremendous potential for accelerating growth and economic development but also has a visible impact on improving the productivity of virtually every other sector of the economy.
India’s IT sector is growing at a rate unmatched by any other economy in the world. Over the past two decades, all sub-sectors of this industry—hardware products that have had less success—have made leaps in revenue development, supporting the growth of the Indian economy.
The Government of India’s liberalisation initiatives, such as lowering trade barriers and eliminating import levies on technology products, as well as the rapid growth of the IT industry, have all aided in the creation of this enterprise. The domination of this sector in the global IT industry has also been aided by other government measures, including the creation of Software Technology Parks (STP), Export Oriented Units of foreign direct investment (FDI), special economic zones (SEZ), and EOU (FDI).
These key technological forecasts demonstrate that India’s IT sector is its future.
Cloud Computing
Almost every industry, including teaching, SMB, healthcare, and the public sector, is looking to move to shadow computing. Finance, accounting, supply chain, logistics, and IT management have been the areas of the cloud that have experienced the most widespread use in recent years.
While digital transformation is recognized as indispensable for the growth of the country. The use of cloud services is widespread on the Internet and is expanding quickly to fill entire environments. Due to its promising security characteristics, it is becoming a top priority for safeguarding data and application infrastructure. Thus, it demonstrates that India’s future lies in the IT sector.
Internet Of Things (IoT)
A recent survey conducted showed that over 86% of the respondents plan to increase their IoT spending significantly over the next couple of years. To digitally upgrade their business models, US companies spent an average of $4.6 million on IoT in 2018, according to the poll. Sensors will be incorporated into nearly everything during the next 20 years, including machinery, equipment, heating systems, security systems, and pretty much everything else. The Internet of Items will be crucial to this action.
Artificial Intelligence & Robotics
Although artificial intelligence as a concept has been present for well over 60 years, it has just recently become more popular. AI’s special capacity to transform corporate strategy is made possible by passive operational power and storage. AI is expected to take over, and it will: self-driving cars, robotics, cutting-edge teaching methods, and even personalised medicines.
Intelligent Automation
Intelligent automation, which combines automation and AI, is starting to change how business is done in practically every sector of the economy. It may automate entire processes or workflows, detecting and synthesising a massive volume of information while learning and adjusting instantly. Retail, BFSI, and CPG industries are principally responsible for driving global investment in intelligent automation systems (Consumer Packaged Goods). In the upcoming years, it is anticipated that India’s IT sector will invest a significant amount of money in initiatives for efficient automation and AI. Once more, it asserts that India’s future lies in the IT sector.
Blockchain
Numerous countries have recognized the enormous potential of blockchain in their economies, and it has sparked considerable interest across industries. India saw a substantial rise in the adoption of this disruptive technology in 2016. Consequently, it has been tested in a range of use cases by various banks and corporate juggernauts. The most typical application of Blockchain is Bitcoin. It has been carefully chosen in the nation, where there are numerous Bitcoin exchanges and wallets dispersed. India’s BFSI is leading the adoption since the government is the most significant driver and facilitator of blockchain technology.
In Cybersecurity, the top job opportunities to be available in the Future of the IT Industry in India, are-
- Security Analyst: Security Analysts are in charge of finding and fixing weaknesses in a company’s computer networks and systems. They could take part in tasks including checking security logs, conducting security assessments, and suggesting security improvements.
- Security Engineer: Security engineers design and build security systems for businesses. They might be involved in activities including creating security protocols, putting security technologies into use, and evaluating the efficiency of security measures. technologies, as well as evaluating the efficiency of security precautions.
- Security Consultant: Security Consultants offer guidance and subject-matter knowledge to businesses on matters pertaining to cybersecurity. They might work on projects including building security strategies, conducting security assessments, and instructing staff members on security best practices.
- Security Manager: Security Managers are responsible for the systems and data security within an organisation. They could be tasked with establishing security guidelines, collaborating with other departments to guarantee compliance, and handling security-related emergencies.
- Chief Information Security Officer (CISO): A company’s top cybersecurity executive is the chief information security officer (CISO). They are in charge of creating and carrying out the company’s entire security strategy.
These benefits have also contributed to large corporations such as Google, Microsoft, SAP, and Intel establishing their R&D centres in Bangalore – the Silicon Valley Of Asia. They use the most recent IT technologies to create novel and cutting-edge software without sacrificing the calibre or timeliness of the final product.
If you want to know more about the IT industry in India, and build a development team in Bangalore, feel free to reach out to us by filling out the contact form. Within 24 hours, one of our senior executives will contact you.
Conclusion
India’s IT sector expanded incredibly quickly after the reforms and made a considerable contribution to the country’s GDP. India’s IT sector has continuously grown despite the state of the world economy. This sector takes a substantial amount of skilled Indian labour, developing India into a major global IT powerhouse. The entire Indian economic and governmental environment has undergone tremendous change as a result of the IT industry. India’s IT sector is advancing in new disruptive technologies and will be crucial to the present fourth industrial revolution in the world.
