The journey of technology has been quite remarkable over the last few decades. It has managed to hold a grip of almost every aspect of our lives and livelihood. Starting from domestic requirements to industrial necessities, technology in general, and information technology, in particular, has made significant impacts that have changed the way the world works. Every sphere of life is becoming increasingly reliant on the applications of IT, and the trend is expected to grow in the coming years. If you see, even twenty years back, it was almost unthinkable to have done all the banking activities sitting at the comfort of the room. But, today, it is one of the most common practices. Be it shopping, banking, education, business, or any other thing with much impact on the socio-economic dimensions of the society, information technology stands as a common factor for all of these. The progress has been phenomenal, and the potential growth that this industry has is also striking. In India, the IT industry has accounted for a growth of 10.45% on an average over the last decade. Here are some reasons that make this domain, even more, promising in the coming years.
Rise in demand
As already mentioned, most of the industries today are reliant on information technology and its tools for smoother, faster, and competent operations. No industry can even think of surviving the existing competition in the market without a proper IT section in place to maintain overall supervision ensuring effective business. Be it a manufacturer, a service provider, or an export-import enterprise, for successful operation, each relies on efficient IT departments, which indicates a bright future for the professionals working in the IT industry. According to the market forecasts, India is expected to grow in economic volume by 9% within a few years, which implies that more businesses will soon emerge, eventually increasing the demand for IT as an obvious outcome.
Investment allocations
Over the last few decades, the Indian IT industry has proved itself as one of the most competent and strong ones on the face of the earth. Be it onshore service provision or offshore service deliveries, the Indian IT industry has performed steadily and flawlessly on the global nexus. This surely has gained the attention of the global investors with their intentions driven towards allocating more resources into the Indian market for development and flourishing of the IT sector. Between the period of 2000 and 2019, USD $37.23 billion has been channeled into the Indian economy as per FDI for the computer software industry alone, which is surely a considerable amount. It also signifies that the market holds immense potential for the IT industry in the coming years.
Government intervention
Exploring the possibilities associated with the Indian IT industry, the government has also come forward with measures that are supportive of the programs leading to the expansion of this sector. A fund of INR 5000 crores has already been developed to fuel the pace of progress of this industry. The central budget also provided for initiatives encompassing the development and leveraging of AI in the Indian market. With the hope to build the nation as a software production nation, the Union cabinet has passed National Policy on Software Products-2019.
We, at Indore Institute of Science and Technology, one among the top 5 engineering colleges in MP, believe that the IT industry holds massive potential for growth in India. As such, those who are well-trained and relevantly educated in the IT domain have a whole lot of opportunities waiting for them ahead. At IIST, we offer a four year B. Tech program in IT engineering where students are groomed to successfully compete at the global level. Starting from soft skills and personality development sessions to hands-on training on the latest technologies like AI and ML, we prepare our students in all the essential aspects to make their knowledge in the field relevant and effective. The IT market certainly holds bright opportunities for the future, and we, at IIST, make sure that all of our budding IT engineers of today transform into successful contributors of tomorrow.