What types of software does India export
The future of IT technology in India
Impressive technological changes have taken place in the last few decades that have completely changed the way the world works. IT technology has produced thousands and thousands of programs and tools that literally have all information at hand at all times.
Over 4.33 billion people use the internet every day. That's an astonishing 56% of the global population. India is currently still below the global average. However, with almost 500 million people online, that is still a considerable amount. And this number is also increasing continuously.
IT technology in India is developing rapidly and those who cannot keep up will be left behind. Technology has changed the way we communicate, pay our bills, and watch television. There is no doubt that the IT industry will continue to grow. The question that arises is: can you find the right talent to pull ahead of the competition? Is India at the forefront of technological progress? Let's find out in this post.
IT Technology in India: The Past
In the past, India often seemed a little behind among developing countries, especially in terms of economic growth. However, that changed with the IT revolution, which resulted in the Indian software industry being recognized as one of the most successful in the world today.
At the end of the 1970s, the IT industry experienced a boom with the outsourcing of software development to specialized companies. It was quick, easy and comfortable in the unknown land of technology. In the early 80s, it was mostly about standardized software, as there was still a lack of talented developers who could develop custom software.
In the 90s there was a boom in project-related software development, which fueled the extremely high growth rates in the Indian software industry. Local industry soon established itself and multinational corporations began to set up their own development centers in the country. It all started with Texas Instruments in 1986.
After that, history was made! The Indian IT industry has been growing phenomenally rapidly since the early 90s with several decisive growth and development phases in the last 3 decades. Digital technology, artificial intelligence, and cloud computing are all common terms today. But India is only just getting started!
What can we expect in the next 20 years?
There is no doubt that the world will change drastically over the next 20 years with technology and innovation. And as an IT company advocate, knowing what technologies need to be implemented is critical to keeping your company ahead of the competition and remaining profitable.
Here are some developments in IT technology that are very likely to be significant over the next 20 years.
Internet Of Things (IoT)
A recent survey found that over 86% of respondents plan to significantly increase their IoT spending over the next few years. The survey also found that U.S. companies spent an average of $ 4.6 million on IoT in 2018 to digitally transform their business models. Over the next 20 years, sensors will be attached to machines, equipment, heating elements, security systems and pretty much everything else - so IoT will play a significant role in the future.
Artificial Intelligence and Robotics
The concept of artificial intelligence is more than 60 years old. However, it has only really gained popularity in the last decade. As more and more data is obtained, the technologies become more and more sophisticated. AI will create some new business models, but it will also make some obsolete. Self-driving cars, learning robots, personalized medicine - all of this is made possible by AI.
Thanks to the technological advances of the last decade, AR is no longer science fiction. While in the past the costs associated with AR meant that nobody really dared to use the technology, the technology is now available on every modern smartphone. In the future, AR will be used in education, art, architecture, the military and navigation - the possible applications are limitless.
Where is India in this IT technology race?
In short, at the top.
India is a country that produces 1.5 million engineers every year - and that number continues to grow. That means some of the best tech talent in the industry are in India. And India is also the leading nation in the IT technology procurement market. India accounts for over 55% of US market sourcing. With over 1,000 global delivery centers spread across 80 countries, India is today digital center of the world.
Bangalore, the most dynamic city in the world, also known as the Silicon Valley of Asia, is in India. Bangalore is home to multinational IT corporations, software companies and startups that use the latest technology to bring new products to market.
Will offshore software development prove beneficial?
Implementing the latest IT technology requires the most modern software and the best engineers. While state-of-the-art software is easy to obtain, the acute shortage of talent in the US and Europe is a major challenge. With engineering and software development vacancies more than ever, more companies are turning to offshore software development.
By moving abroad and setting up a development center in a country like India, companies can gain access to a huge talent pool of world-class engineers just waiting to be hired. All of them speak excellent English and are excellent experts in their field. A perfect addition to your existing workforce.
Another fundamental benefit of offshoring is the lower cost of ownership. The low cost of living in Asian countries can save you significant money on payroll, employee benefits, rents and administration.
These benefits have also helped large corporations like Google, Microsoft, SAP and Intel establish their R&D centers in Bangalore, the Silicon Valley of Asia. You use the latest IT technology to develop innovative software without compromising on quality or speed.
If you would like to find out more about the IT industry in India or if you yourself consider building a team abroad as an opportunity, get in touch with us.
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