Indian IT-BPM industry holds 45% of share in Indian Export Services.
A fastest growing sector in India with a rate of 2.3%.
More than 8% share in the Indian GDP.
IT Industry revenue around $170-$200 billion in Indian Market.
If these stats are not enough, then do not know what is?
The IT sector of India is a competitive global industry soaring high worldwide.
You must be wondering what these companies are like, and what their work culture is like?
You are at the right place. This article will explore Top IT companies in India, the growth of the industry in India, the IT market for software engineers and so much more.
India’s IT Service Industry is one of the flourishing industries providing its clients with the finest informational technology services.
IT companies are now a significant part of big businesses as the world is all about everything digital nowadays. From insurance slips to medical reports; from payroll to customer services; from call centers to legal systems to education, every industry is thriving in the market through technology and software.
IT companies of India provide their clients with the expertise in maintaining and monitoring the technical department. Services could range from hardware services to cloud computing, cybersecurity to network infrastructure. The function of an Indian IT company is not limited to a single definition. It is diversified and comprehensive.
IT Functions can be categorized into three departments –
Infrastructure: This function is inclusive of all the components of hardware, software, and network resources that are significant for the existence and operation of an IT firm. Some services are Networking, platform management, security, storage architecture, etc.
Governance: IT Governance is the function that uses IT systems and new methodologies to incorporate efficient evaluation of a business or any other individual client. As a part of the IT governance team, they focus on delivery, risk management, resource management, strategic alignment, and performance management.
Some IT governance companies are COBIT (Control Objectives for Information and Related Technologies), ITIL (Information Technology Infrastructure Library).
Functionality: SaaS (Software as service) or FaaS (Function as service) is a department of IT services that provides a platform for companies to run, develop, and manage functionalities of applications. Some of the examples are cloud computing, database management, etc.
Growth of IT Sector in India
The explosive growth of the IT Industry of India has left many people amazed. The rising Industry flourishes to grow beyond just a service. It is now a significant business in itself. With a growth rate of more than 5% in the coming years, McKinsey suggests that the IT companies will be a billion-dollar industry with a revenue touchdown to $300-$350 billion. Such remarkable growth has exponentially enhanced the better work opportunities for many people in the tech field.
The big tech companies like Microsoft, Wipro, TCS, Google have strong foundations in India owing to their much success in the sector.
The country that used to be known for its agriculture industry is now running on a knowledge-driven industry that has changed the course of business for many.
But with such a massive growth rate, everybody seeks reasons, facts, why, and how there is such a boom in the IT Industry of India.
Here are some of the reasons for such an explosive and consistent rise of IT companies
High Skilled Human Resources
To maintain a better standard of living, Indian Parents have highly regarded science as the best field. From the intellectual point of view to the financial point of view, Science is favored by many parents. All of this is consequential in giving India some of the great software and development people. The human power of the IT sector has a vast number of people within their community with proficiency and expertise. This is a core reason in making the sector not just grow based on outside policies and strategies but with the internal talented pool of people as well working in this domain.
Era of Digitalisation
The breakthrough for the IT and software companies is affected significantly by the digitalization of businesses. From an individual shop owner to a big company, everyone wants a website, an application, or software that requires a digital medium to connect and build an audience.
For example, digitized payments, online bookings, etc. As per current status and reports, digital services account for approximately 30% of IT industry revenue. This percentage is expected to go as high as 50% in the coming years. Therefore, the digitalization of services seems like a significant factor in the growth of this industry.
Modern Day Technologies
In the past few years, we have seen a new set of technologies being introduced in the IT domain to benefit the working of an application or software. Some of those technologies were the cloud, Artificial intelligence, machine learning, robotics, Big Data, etc. Adoption of these modern-day technologies by some of the big ventures has opened new opportunities and growth mediums for the IT industry.
Besides internal factors, the government can highly affect an industry’s growth as well. Likewise, with Government’s SEZs that are Special Economized Zones provides many companies area to operate and function with tax subsidies. This is one of the vital reasons for the growth of the hub for IT startups.
Low operational cost
In comparison to the west, big or small companies get the IT services outsourced from India due to lesser amounts paid as an operational cost. The Labour Cost Unit in India is quite low as compared to other countries. Such low operational costs and supportive policies play a major role in affecting the growth of software companies in India.
Well, besides all these factors, the pandemic is for sure the catalyst for the future growth of IT companies. In the pandemic not only every business requires a digital mode of working, but, it needed smoother functioning as well. All of this is possible with the efficient services provided by the top IT companies in India.
IT Companies In India
To understand the buzz around the IT domain and working, let’s have a look at the Top 10 IT companies in India.
IT sector in India can be divided into Service-based and Product Based companies. Let us have a look at a few Product Based companies below –
Product Based Companies
Product-based companies are driven by a plan to introduce products that have good market value and satisfy a wide range of customers.
- Hewlett-Packard (HP)
Read More – Product Based Companies
Service Based Companies
A service-based company is the one that provides customers, clients the ultimate solution to their requirements or a service to another company.
- Tata Consultancy Service
- HCL Technologies
- Wipro Limited
- Redington India Ltd.
- Tech Mahindra Limited
- Deloitte Touche Tohmatsu Limited
- Larsen and Toubro Limited
- Mphasis Limited
Read More – Service Based Companies
IT sector has given society so much in terms of efficiency, quality, speediness, and agility. With the adoption of new technologies into business models, the analytics field, IT has changed our working systems. In times of the Pandemic when everything was dripping to the low scale, the IT sector’s technologies like telehealthcare, virtual classes, online consulting, etc was a major reason to keep the industry on a fast-paced growth rate. This highlights the potential of the IT industry in India is capable of contributing a large share in the Indian economy as well as giving employment opportunities to many aspiring engineers.
Working in this field would not just be a means to earn money or practice your skills. As a developer, engineer, system architect and so many other related job roles in the IT domain, you could offer services that change the world we live in.
Work in this sector means to grow exponentially, to be a part of game-changing projects and intellectual minds that help you understand perspectives unheard, unseen by you. There is no denying that this sector is not diminishing any time soon and instead a thriving place to be in.
Read More – Highest Paying Jobs In India
What is an IT company?
An IT company is an organization with people who have expertise in building, maintaining, and managing technology-oriented services and solutions.
Which is the biggest IT company in India?
Tata Consultancy Services (TCS) is considered to be the largest IT company in India in terms of Revenue and Captial.
Is Google an IT company?
Yes, Google is a multinational IT company providing services and products to transform business and client’s journey of success.
Do freshers get paid well in IT companies?
The average base salary for freshers in IT companies can approximately be Rs.300K per annum. This amount can vary according to the job role you are applying for, your experience, your skillset, and your employer.
Which IT company gives the highest salary in India?
TCS, Infosys, HCL Technologies, are some of the companies that offer fairly good pay structures to freshers or experienced employees in the IT sector in India.
Is it good to work in the IT sector?
Yes, the IT sector of India is a thriving industry that has a future of tremendous growth rate and learning opportunities. To be a part of this industry means to be a part of the change.