Information Technology in India is expected to grow at the rate of 7-8% in revenues YoY. The digital segment has been identified as the fastest growing segment in the industry with a projected growth of 30% YoY taking the Indian IT digital marketspace to a valuation of USD350 billion by 2025. Significant advances have also been seen in the export revenues from digital segment which have growth at a CAGR of over 50% in recent times. It is extimated that artificial intelligence and machine learning will contribute USD 1 trillion to Indian economy by 2035.
The growth of overall industry is propelled by a high demand for products and accelerated tech spends by the companies. The Indian IT sector also has advantage of low cost skilled employees compare to other countries like US.The software product market in India is also growing at the rate of over 10% annually. Digital opportunities are a plenty and are required to be cashed well by the Indian companies for a bright future. Other key drivers that cause significant contribution are elements like data analytics, cyber security and a hush amongst SME’s and larger businesses for development of mobile apps.
IBM says that almost 90% of the world’s data has been created in the past 2 years and the process will expand at a greater rate here on. Since the IT industry is responsible for recording and transmitting of such enormous amounts of data, it has to look after and take ample coverage for data related risks like infringement of intellectual property, data privacy, data security, cyber hacking, cyber crime, etc. It is also exposed to legal risks and financial losses during mergers and acquisitions, risk of technical errors and omissions, risk of injury to employees, damage to property and few others that are critical to be covered for business success.
