The market of the IT industry continues to increase in recent years. Indian has become the digital capabilities hub in the world having around 75% of global digital talent present in the country. Indian IT companies have set up almost 1,000 delivery centers in about 80 countries across the globe. India has become the leading sourcing destination across the globe having approximately 55% market share of the US $ 200-250 billion global service sourcing business in the year 2019-2020. The country is the biggest sourcing destination having the highest qualified talent pool of technical graduates in the world. India has a low-cost advantage, having 5-6 times cheaper than the US. India is the second-fastest digitizing economy among 17 leading economies in the world.
Industry Insights of Computer Products
The industry of Computer products was anticipated at around the US $ 191 billion in year FY 20, increasing at a 7.7% rate. It is projected to reach the US $350 billion by 2025. Additionally, the revenue from the digital segment is expected to form 38% of the total industry revenue by the year 2025. The digital economy is expected to reach the US $1 trillion by the year 2025. The domestic revenue of the IT industry was expected at the US $44 billion and export revenue was expected at the US $ 147 billion in the year 2020. The total number of employees reached 1.02 million cumulatively for four majors of Indian IT including TCS, Infosys, Wipro, HCL tech by December 31.2019. The Indian IT industry employed 205,000 new hires and had approx. 884,000 digitally skilled talent in 2019. India’s IT industry contributed around 7.7 percent to the country’s GDP (Gross Domestic Product) and is expected to contribute 10 percent to India’s GDP by 2025.
Significant Developments in the Sector
Indian IT’s core competencies and strengths have attracted significant investment from major countries. The computer software and hardware sector in India have attracted cumulative foreign direct investment (FDI) inflow having the worth of US $44.91 billion between April 2000 and March 2020. The sector ranked second in FDI inflow as per the data released by the Department for the promotion of industry and internal trade (DPI). The leading Indian IT firms such as Infosys, Wipro, TCS, and Tech Mahindra are expanding their offerings and showcasing leading ideas in the block chain and artificial intelligence to clients having innovation hubs and research and development centers to create differentiated offerings.
The Forecasted Growth and Increasing Demand of Computer Products
Globally the market size of computer accessories is anticipated to increase by USD 2.86 billion during the period of 2020-2024. The gaming market has made a drastic change with the launch of Esports on a large scale, globally. The market of global Esports is expected to increase by USD 1.15 billion during the year 2019-2023. More gamers are taking E-sports as a career option and therefore, buying gaming accessories has become mandatory for these games. The high number of Esports gamers will push the market for PC gaming accessories, and hence drive the growth of the market. India is one of the topmost offshoring destinations for IT companies around the globe. Having proven its capabilities in delivering both on-shore and off-shore services to clients globally, developing technologies are offering an entire new gamut of opportunities for top IT firms in India. The IT industry is anticipated to increase to the US $ 350 billion by the year 2025 and BPM is anticipated to account for the US $ 50-55 billion of the total revenue.
Conclusion
NPCS project report on “Computer Products and Information Technology (IT) Based Projects” talks about all the macro and micro details about the industry and provides the data that has been assessed and cross- validated with the industry players. The project report covers all the important aspects of industry size, the market potential of the product, and reasons for investing in the product.
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