The Information Technology and BPM sector in India has seen a ton of growth over the last 2 decades. Having access to such a vast reservoir of English-speaking human resource has been a factor that has attracted a lot of different businesses to India. The years 2000-2021 saw FDI (Foreign direct investment) of over $78 Billion. The digital industry revenue saw a growth of 28 – 30%, five times that of the services Industry average. Let’s take a look at some key Industry trends in this sector:
Employment: The year 2021, saw employment of 138,000 professionals amounting to a total of 4.47 million total employees in this sector.
Exports: Contribution to the exports from this sector is estimated at 52% of total service exports. The revenue from exports during the year 2020-21 was estimated at $150 Billion. India holds slightly over 8% of the global exports in this sector.
Investment: Total investments in SaaS (Software as a service) increased 170% in the year 2020. Higher than any other sector of any industry. The total Investment in SaaS was projected to reach $4.5 Billion in the year 2021.
Growth Drivers: The biggest growth drivers in this sector include Blockchain, Remote working, National optical fiber network, Artificial Intelligence, Digital Program.
Trends: Some key avenues we expect to see growth in within this sector include Blockchain, AI, Machine learning, e-Governance, 5G and Cloud computation.
Growth Projection: India’s IT and Business services market is projected to grow to $19.93 Billion by the year 2023 and the projected FDI for 2022 is $101.8 Billion, constituting an approximate 24% growth.
India has the second highest number of Internet subscribers in the world, which is projected to become the highest in the near future, this puts into perspective the extent to which digitization is taking over the average person’s life. Having no laws stopping 100% FDI allows for India to be a hub when it comes to attracting foreign investment. All of these are contributing factors to an economy that is bullish in its climb towards international dominance in this field.
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