Contrary to popular belief, Indian firms are still one of the favourites of global companies when it comes to sourcing software and related services. The NASSCOM study has highlighted that one out of every four global giants outsourced their critical software requirements to India.
As per the NASSCOM survey, the Indian software industry has not only been growing exponentially but also is maturing very fast. This means moving from serving low technology and manpower needs of companies to offering high tech solutions. The industry has evolved from body shopping (supplying IT manpower) to software development to enterprise solution to IT business consulting.
However it is true that due to the slow down in US economy, US firms have cut down their IT spending. But at the same time many US companies have expressed increasing interest in the Indian software industry. Many companies have announced their plans of either outsourcing software from India or investing in Indian IT industry. Apart from the US, companies in Europe and Japan are increasing their IT outsourcing to India.
Apart from the traditional software development sector, there are certain emerging sectors in the IT software and service industry, which will drive the overall growth of the industry in the near
future. For example, e-commerce software is emerging as a significant area of growth. The McKinsey-NASSCOM study projects that by the year 2008, e-commerce software business in India can touch revenue of US $ 10 Billion.
IT enabled services are also emerging as another major factor for growth in this sector. This covers a wide range of services including call centre services, CRM (Customer Relationship Management) services, medical transcription, data conversion/data entry, data processing, back office operations, digital content development, animation, GIS (Geographic Information Services), etc.
The industry is gunning for a total turnover of US $ 50 Billion by the year 2008. And naturally, there will be demand for quality manpower.
The demand for manpower may not be as exponential as we have seen over the last few years, but prospects for the trained professionals are definitely good. The overall feeling is that, people with the right qualifications and skills will find jobs.