ICT Industry 2021, Growth, Outlook, Future Opportunities and Forecast 2021-2027

 

Technological up-gradation and innovation in ICT Industry has increased dramatically. ICT industry can be broadly viewed under two sectors, Information Technology and Communication. In India, the growth of both these sectors is very significant in the past two decades. Indian IT industry has built up an enormous confidence for itself in the global markets. IT industry in India comprises of Software Industry and Information Technology Enabled Services (ITES), which also includes Business Process Outsourcing (BPO) Industry.

The ICT industry in India has played a vital role in the economic growth of India. The government of India has placed technology at the heart of India’s growth story, with increasing focus on policies such as Make in India, Digital India, and Startup India.

A Full Report of ICT Industry is Available at: https://marketinsight.in/industry-reports/indian-ict-industry

The IT and IT Enabled Services (ITES) industries are one of the key factors driving the economic growth of India, contributing about 8% to India’s GDP in 2018 and employs around 4 million people in India. India is the leading sourcing destination across the globe, accounting for around 55% market share of the $185-190 billion global services sourcing business in 2017-18. India acquired a share of around 38% in the overall Business Process Management (BPM) sourcing industry. Indian IT & ITeS companies have set up more than 1,000 global delivery centres in around 80 countries globally. IT export revenue in 2018 reached $126 billion while domestic revenue was $41 billion.

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Over the last few decades, top Indian IT companies have become the global leaders in and contributing significantly to the growth of ICT industry in India as well as globally. Top 5 ICT companies in India include TATA Consultancy Services (TCS), Infosys, Tech Mahindra, Wipro, and HCL Technologies. These players contribute a significant share in the overall ICT industry of India. These players are also betting on Cloud Services as they see it as the next enabler of growth.

Further, disruptive technologies such as AI (Artificial Intelligence), Social Media, Mobility, Analytics and Cloud (SMAC), and Embedded Systems are the emerging trends of the industry, creating new paradigms. India has been creating a future-ready digital workforce, with more than 0.15 million employees SMAC skills. The SMAC market is expected to grow to $225 billion by 2020.

ICT Domain of our Report Covers Plethora of Categories, Including

·        Artificial Intelligence

·        Cloud and Big Data

·        IT Security

·        Telecommunication

·        Software & Solutions

With the growing enterprises across industries, a paradigm shift has been witnessed in terms of technology used by them. Artificial Intelligence (AI) is one such technology and is revolutionizing various industrial sectors. The increasing demand for Artificial Intelligence (AI) is driven by cognitive computing, facial recognition, emotion detection and recognition, virtual reality, and chat bot services. The major challenge for any business is the gap between data collection, insights, and action; and with the help of AI technology, this gap is bridged in real-time.

The innovative technologies such as IoT and big data are giving a new leash to the AI technology, and are widely adopted in a plethora of applications, including Speech Recognition, Image Recognition, Face Recognition, and Risk & Fraud Detection. Moreover, the increasing generation of large and multidimensional data sets coupled with the increasing focus on solving real-time problems by analyzing data, are some of the major factors to drive the adoption of the AI technology. Further, the demand for AI is expected to increase in various industries including BFSI, government & defense, manufacturing, healthcare & life sciences, and others owing to its wide applications such as robotics, forecast, and decision-making.

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Cloud Computing covers the solutions, services, and applications that revolve around the deployment of cloud. We at Market Insights cover the niche cloud-based technologies, cloud services, and sub-segments such as Disaster Recovery-as a Service, Cloud High Performance Computing, Cloud Infrastructure Services, Cloud Communication Platform, Cloud Collaboration, and others. We provide the key trends, current developments, and impact of the technology among the end-users.

In today's hyper-connected business environment, IT security has become a vital necessity for all the organizations. This includes the protection of network, data, platforms, applications, and endpoints of an organization from cyber-threats. Under IT security, we cover network security, endpoint security, cloud security, IT infrastructure security, and others.

 

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