What's happening with Indian IT Industry?
India got its first Unicorn in 2011, within 120 months we have reached to 107 as of September, 2022. That is, about 2 Unicorns every three months!
We have seen entire industry getting a makeover during pandemic. Started with layoff scenes. Then picked with aggressive hiring and its surprising now. People started knowing new terms like Moonlighting. Entire industry is trying to come out of the term “Market of Cheap IT services”. We can witness salary hikes are high and candidates are involved in offer trade often.
We are happy about the Industry growth, but we suddenly see a lot of questions in Quora like “What will happen to a coder after the age of 40” and likewise. Are people afraid about the industry’s growth Or are they just busy striking the iron while it is hot!
So, we thought of sharing our opinions on industry’s growth.
It’s true that the decade started with a term “new normal”. People believed “virtual and digital” are the core mantra to stay safe. Government recommended being in Quarantine and encouraged people to work from home. Thirty four new Unicorns were born only in 2021, highest per year in the history. G-Pay, PhonePe, PayTM and more became India’s wallet. People almost forgot when they last visited an ATM.
During this time Information Technology and Computer Engineering became a sunshine for all essentials. Starting from execution of Government schemes to monitoring O2 demands.
Lot of applications focussed on connecting talents across the globe together. And produced massive energy to fight most of the pandemic phase in 3 years. Consequences of this, now people are more connected to internet. Indian smartphone users were grown 2x and estimated to reach 1 billion in 2028, which is 73% of Indian population.
With all the above observation, we can see demands roaring and industry is going to be in the sunshine for at least a decade.