Information technology (IT) has become an integral element of everyone’s daily life in the twenty-first century. It embraces and includes all technological, social, and cultural aspects that point to a bright future for humanity. The 21st century has been defined as the century of information, technological advancement and application, which acts as a change agent in various facets of business and society.
This sector, as a knowledge-based enterprise, has enormous potential to stimulate economic growth, boost productivity in all sectors of the economy, and facilitate effective governance. It improves information availability, protects consumers, offers access to government services, improves skill creation and training, improves health-care delivery, and encourages transparency. It creates a lot of job opportunities and connections between the government and the people, both in the rural and urban areas. The Indian software sector has a lot of room to grow in terms of software products and technology services. Enterprise software (e-business solutions, ERP, e-corporate governance), consumer software (personal productivity tools), and embedded software all offer a market potential for Indian enterprises. In the next two decades, investment in knowledge-based businesses will define the country’s leading position in the global economy.
India’s rise on the world stage has been aided by the growth of the IT industry. The country has a comparative advantage in the global IT sector. With large pool of workers having software and language skills, it can move towards producing higher value-added goods and services. Companies that innovate and digitize quickly will be in a better position to benefit from India’s big, connected market. The availability of a large number of individuals with a mix of engineering and management abilities would undoubtedly aid the transition to higher-value-added goods and services.
Latest Technology Trends in India
India is the world’s third most appealing investment destination for technology transactions. Modern India has placed a high emphasis on science and technology, realizing that it is a critical component of economic development. India is the world’s greatest exporter of information technology. The Indian IT business is dominated by exports, which account for roughly 79% of overall income.
- India has climbed two spots and has been ranked 46th in the Global Innovation Index (GII) 2021 rankings.
- The information technology/business process management (IT-BPM) sector had contributed a share of about 8% to the GDP of the country in fiscal year 2021.
- Overall IT spending in India is predicted to reach $110.6 billionin 2022, up 6.3% from 2021.
- Indian software product industry is expected to reach US$ 100 billion by 2025.
- The data annotation market in India stood at US$ 250 million in FY20, of which the US market contributed 60% to the overall value. The market is expected to reach US$ 7 billion by 2030 due to accelerated domestic demand for AI.
- Technology and Automation
- Telecom and Consulting
- Space research
- BFSI and Fintech