As one of the economy’s fastest-growing sectors, the tech industry in any nation has taken on increased importance, with India, in particular, experiencing a dramatic rise in developing technology. As one of the fastest-growing economies in the world, developments in technology will only come at a more rapid pace. In light of this, we looked at how the industry has grown in the last few years and what the future may hold.
Where Has the Majority Of Growth Come From?
India has become one of the world’s leading providers in IT services, which has become a major part of the sector. An unprecedented rise in interconnectivity has allowed India to become a central hub for IT services and in turn, has attracted outside investment. The last two decades have seen foreign direct investments (FDI) into the sector total approximately $45 billion. The share of the sector in India’s total gross domestic product (GDP) has also risen sevenfold.
Combine with this a 40% reliance on tech-based services and India’s prominence in this sector becomes very clear. In addition, the IT services sector has made most of its money in the export market, with India establishing itself as its largest exporter. They dominate the industry and account for nearly four-fifths of its total revenue.
What Has the Modern Internet Age Brought To India?
These changes have brought with them the emergence of e-commerce and have forged a strong online economy. The e-commerce market is expected to have a value of $200 billion in the next five years in India alone, up almost six times from its value in 2017. The dawn of a new decade has outlets such as Business Insider consider now to be a major turning point in the industry’s fortunes. This will bring with it previously unforeseen levels of growth.
This sudden shift online has been brought around by a notable rise in users of both smartphones and on a wider level, the Internet. As a result, more people in India are accessing sites like Amazon. This company has found a large market share in the Indian e-commerce market and continues to cement itself as one of the world’s most recognizable and widespread brands.
Advances in technology and the increasing democratization of the digital world has given more people the ability to utilize the internet for matters other than searching for information. Furthermore, advances in web design and construction have left these websites better placed to deal with a surge in users. The entertainment industry has made a success of transitioning to the digital sphere. Thanks to an increasing user base, technological advances such as HTML5 have been employed to better cope with high volumes of visitors to sites.
Major entertainment sites including Netflix, BBC, and the official Manchester United site have fully embraced the benefits of HTML5. In addition, its adoption of the Canvas Protocol has given websites the ability to create more engaging online content. It forms part of a wider modernization on the web that has been of paramount importance to providers such as casino comparison site CasinoWings, which has allowed for online casinos to continue their surge in popularity. This increase in the use of developing technology has given users a much better experience in terms of consistency across all major browsers as well as the ability to browse offline.
The Indian technology industry has seen some major growth in the last few years thanks to a sustained increase in innovation in both hardware and software. This should spell good news for the future of the Indian economy and also for online business, as they can expect to see greater developments.