If you’re a fresher looking to take the first steps in your career, head straight to the sign that says “Indian tech industry”, and you’ll find yourself in a land replete with opportunities.
The jubilant signs are all according to the annual Nasscom CEO Survey 2021, which has projected the Indian tech industry to add 1.38 lakh fresh hires in the ongoing FY 2020-21.
The expected hiring data will take the total employee base to 44.7 lakhs, while the digital talent pool surpassing 11.7 lakh, registering 32% YoY growth.
As part of its annual strategic report shared, Nasscom has also ordained the size of the technology industry as a whole is estimated to expand by 2.3% to a massive $194 billion for 2021, compared to $190 billion last year.
Coming from the den of NASSCOM, which is the premier trade body and chamber of commerce of the Tech industry in India, this is indeed a marker of how well India has weathered the expected downturn due to the pandemic.
The report also made abundantly clear how Digital is going to be the key growth driver in the coming times.
As such, the survey shows how over 70% of companies are expecting a good amount of investment in the year ahead. As a result, key areas like cloud, cybersecurity, and IoT are going to be buoyed by adoption.
As pointed out in the report, the deal value for cloud bulged by 80% between April and September 2020, compared to October-March 2020 at the back of COVID-19. The industry also saw 146 merger and acquisition deals being concluded, over 90% of them being digital-focused in nature.
These trends have led CEOs surveyed by the industry body to be optimistic about more growth to take place in the digital space. It is a fact that every year in India, companies upskill 2.5 lakh employees in the digital space. Another reminder of the powerhouse the IT sector is shaping up to be.
President of NASSCOM, Debjani Ghosh, attributed the accrued stats as results of breakthroughs on the vaccination front and accelerated digitisation.
Another testament is the upwards of 1.15 lakh tech patents filed by companies in India in the period of last five years.
Also, as a continent, Europe and APAC emerged as the strongest growth geographies in FY2021. Indian tech contributed an approximate 8% relative to the country’s GDP. It managed to have a 52% relative share in services exports and a 50% share in total FDI, based on inflows for April-September 2020.
All these are figures are impressive, and provide all the more reason for analysts to be quietly confident as we navigate the new normal.
With technology expected to be the cynosure of frontend operations and customer experience, NASSCOM’S CEO survey anticipates 97% of CEOs expecting a sizeably better global economic growth in 2021 as compared to the previous year.
The upward trajectory is also going to continue in terms of hiring, as 95% of CEOs expect hiring in 2021 to be ahead of the numbers gathered in 2020. This is also in line with the hiring trends of some of the biggest IT companies the nation is home to.
With the blended wok model expected to continue its run as well, the technology industry in India is primed to capitalize on these trends and continue its transformation journey.
Because going by the highlights of NASSCOM’s report, braving the pandemic like no other, India stands at the cusp of a re-imagined Techade, 2021.