WHAT IS IT/ITES?
The IT and ITeS sector comprise of services that are related to information technology, research and development services as well as engineering designs, hardware and BPO.
IT: The application of computers and telecommunication equipment to store, transmit, retrieve, and manipulate data, in context of business or an enterprise.
ITeS: Information technology enabled services (ITES), is a form of outsourced service which has emerged due to involvement of IT in various fields such as banking, finance, telecom, insurance among others. Some of the examples of ITES are medical transcription, back-office accounting, insurance claim, credit card processing and many more.
According to NASSCOM, in fiscal year 2014, India’s information technology and business process management (IT-BPM) industry will add $12-15 billion incremental revenue, to existing industry revenues of $118 billion.
During FY 2014, industry’s exports are estimated to grow 13 per cent at $86 billion, with domestic revenues up 9.7 per cent at Rs. 1,910 billion. NASSCOM reports also stated that the industry added 160,000 employees in 2013, and provided direct employment to 3.1 million people and indirect employment to 10 million people.
Exports by India's IT outsourcing sector are expected to rise 13-15 percent in the fiscal year starting April 2014, as an improving global economy encourages banks and companies to boost spending on technology. NASSCOM has forecasted IT services exports in 2014-15 to rise to as much $99 billion. The increase in growth rate compares with an estimated 13 percent rise in fiscal year 2014. It also states that the Indian IT and ITeS industry is likely to grow to about $300 billion by 2020, focusing on areas like e-commerce, software products and the IT market.
During FY 2014, industry’s exports are estimated to grow 13 per cent at $86 billion, with domestic revenues up 9.7 per cent at Rs. 1,910 billion. NASSCOM reports also stated that the industry added 160,000 employees in 2013, and provided direct employment to 3.1 million people and indirect employment to 10 million people.
Exports by India's IT outsourcing sector are expected to rise 13-15 percent in the fiscal year starting April 2014, as an improving global economy encourages banks and companies to boost spending on technology. NASSCOM has forecasted IT services exports in 2014-15 to rise to as much $99 billion. The increase in growth rate compares with an estimated 13 percent rise in fiscal year 2014. It also states that the Indian IT and ITeS industry is likely to grow to about $300 billion by 2020, focusing on areas like e-commerce, software products and the IT market.
WHY IS THE SECTOR GROWING?
EMPLOYMENT TRENDS
The IT and ITeS sector has generated massive employment in the past and continues the trend of providing jobs. With online shopping, social media and cloud computing flourishing more than ever before, there is great demand for IT professionals in e-commerce and business to consumer firms.
INTERNET TRENDS
With the internet rapidly becoming a part of our daily lives the job opportunities are on an accelerated boost. Cloud computing, social media and mobility analytics are the reasons for growth in global technology. Internet shopping, cyber security, wearable computing, socially enabled business process, battery and power technologies, mobile customer engagement and business analytics are the areas of options available for job opportunities in the country.
GOVERNMENT INITIATIVE
Cloud computing is one of the thrust areas in the national IT and ITeS policy.
In order to benefit from cloud, the Department of Electronics and IT (DeitY) has taken an ambitious project known as ‘GI Cloud’. The ‘GI Cloud’ is the Indian government’s initiative to enable the government (both Centre and States) to leverage cloud computing for effective delivery of eServices.