Once Bill Gates said “Information influenced changes are happening at the speed of thought”. This information field is moving so fast that, any plan will become obsolete before governments can act thereon. Information technology that comprises of all new commuting technologies and communications has seen tremendous growth within the last decade of the 20th century. We can say that the expansion of the knowledge Technology Industry in India has taken quantum leaps since the 1990s.
Hardware, software, and mainly internet are the keys to the whole system today, that's designed, developed and administered by Information Technology professionals.
Growth of software developmentcompany in India
As compared to the IT-BPM industry in India, the worldwide sourcing market continues to expand at a greater pace. Consistent with the info shared, within the past 10 years, India has become the few of the primary sourcing destinations across the globe, this alone accounts for around 55% to market share of the whole global services sourcing business within the tenure of 2019-20 which features a value of $ 200-250 Billion.
Adding to the present accomplishment, most of the Indian companies have installed approximately 1,000 global delivery centers in around 80 nations across the world. With the constant rise in numbers, India has become a hub and acquires around 75% of worldwide talent.
The Current Market Size of software development company in India
With a 2.3% growth year over year, India’s IT-BPM sector stood at $194 Billion and approximating growth at this rate, the industry will develop to $ 350 Billion by the year 2025. Speaking of IT and ITES Industry, domestic revenue advanced to $ 45 Billion in F.Y21. It assumed that revenue of IT and ITES Industry by the year 2025 rolls to $ 350 Billion.
Major Initiatives by the govt to market the softwaredevelopment company in India
“The earlier small-scale proof of concept digital projects has started evolving into enterprise-level larger implementations including improvement in discretionary spend supporting future growth,”- Gaurav Jain (Vice President- Nascom)
1. Ministry of Electronics and knowledge Technology launched MeitY Startup Hub in the month of May 2019.
2. The Indian government has identified and isolated 12 extremely genius ITES sectors and has given 5000 crores of funding for optimizing the potential of those services. Services include Blockchain, IoT, AI, computer game, Cloud Computing, et al.
3. NITI Ayog launched national-level programs, that were decided to leverage from the potential benefits of AI, mainly for the core interests of the country.
Impact of Software Development Companyin India
The impact of software development company in India is profound. It has a positive impact on India's revenue growth, talent capability, diversity in workforce, and its digital infrastructure.
· Growth of exports
In terms of revenue and exchange, this sector has transformed India's finances, and is effectively financing an outsized share of imports. Growth of software development company in India contributes massively in export growth. The world is currently the most important forex earner from exports and accounts for over 25% of the country's total exports. The world is already contributing over 7.9% to India's GDP.
· Capability development and employment creation
No other industry segment has generated as many roles for the center class. The world directly employs over four million people and indirectly supports a further 12 million jobs. The industry was also a serious trigger for the govt to push for a rise in output of engineering colleges to over 700,000 graduates a year.
Companies have also found out processes to rent, train, and have interaction thousands of employees. In fact, software development company in India spend over US$1.6 billion a year on employee training. Large technology companies have found out campuses exclusively focused on training their employees on skills relevant to their global customers.
Over 500,000 engineers in India are already trained with relevant digital skills to drive digital transformation. Future Skills, an initiative of the National Association of Software and Services Companies (NASSCOM), has an ambitious goal of coaching another two million people in digital technologies over subsequent few years.
· Start-up ecosystem
We have 38,815 active start-ups as a part of Start-up ecosystem in India. Start-ups like Flipkart, Ola, and Swiggy have helped create or digitally enable many jobs like cab drivers and e-commerce/food delivery professionals. These companies also are empowering the country's 60 million small and medium businesses by digitally enabling their operations and contributing in growth of software development company in India.
· Digital infrastructure
Within a span of a few decade, software development company in India have taken several services being provided to citizens and corporations and moved them online. Most of those systems are developed by indigenous IT companies, and lots of also are maintained and managed by them.
Examples include the Ministry of Corporate Affairs system for corporate tax filing, the tax management system, including e-filing of tax returns, the whole India Stack digital infrastructure, the products and Services legal system, the passport system, the Indian rail reservation system (that books over 200 million tickets annually), the Aadhaar unique identification infrastructure, the largest within the world.
India, as compared to other western countries, within the past has been considered as slow when it involves IT and ITES development but with the govt now taking strong steps to fast forward the implementation of latest technologies and software development company in India.
Joining hands with the Indian Government, AeoLogic, is now one among the foremost chief companies within the country that works to strategies, implement and execute subsequent generation tech like AI, Smart Cities, Blockchain, Internet of Things, and more.