The year 2020 was marked by a great deal of uncertainty and unpredictability. To stay afloat, several companies - both small and large remained tactical. However, the IT industry thrived, had expanded opportunities, and is also forecasted to have accelerated growth and inflation in the coming years.
GoodFirms Leaders Roundtable is a series of podcast discussions where the company will go the extra mile to have conversations with the experts and market leaders across the globe to support the startups with the right insights.
Here in this Leaders Roundtable Podcast series, GoodFirms initiated a discussion with the CEO of SDLC corp, Mr. Kishan Srivastava.
The Podcast discussion focuses on these key areas:
- Reasons behind the IT industry growth
- Startups acting as the driving force of this industry
- Factors affecting the growth of the IT industry in 2022 and beyond
- The Russian-Ukrainian war impact on the global IT industry
- Companies’ fight against the Great Resignation
Through this free podcast session, you will:
- Know the reasons for the sudden IT boom and the sectors benefiting from it
- Why startups deserve our limelight and appreciation
- How the Russia-Ukraine war brought an entire shift in the outsourcing arena
- Hacks for startups to gain opportunities and capitalize on them
As everybody is aware of the booming IT Industry, few are aware of the reasons behind it. What, in your opinion, are the primary reasons for the thriving IT sector?
In my opinion, in the past 30 years or so, the IT industry has been witnessing some of the biggest moments which has led to enormous growth in this sector.
Whether it was the year 1998, when Google was established or, the year 2004, when Mark Zuckerberg launched Facebook and changed the rules of socializing and networking forever, each event played its part in evolving the IT industry.
Similarly, when COVID-19 eliminated all physical interaction, more and more businesses decided to focus on their internal processes and transform their IT infrastructure. Moreover, the desire to customize as per the customers’ choice, and to automate processes, made several companies invest in technologies without any external influence. This change made it easier for IT companies to connect with their customers and provide a consistent experience.
It is pretty obvious that the IT industry's expansion will benefit a wide range of industries. So, which consumer-oriented industries stand to gain the most from this IT boom?
Every other sector in the post-Covid world has changed, making it more reliant on technology than ever before.
Today, businesses want to remove any kind of middlemen and be in constant touch with their customers. They are using websites and mobile applications to cater to every minute need of their customers and be with the consumers all the time, whether it's via chatbots for delivering quality customer service or via emails for promotions.
One of the sectors that saw a huge transformation was the education industry. The COVID-19 lockdown forced many schools and colleges to go online within days and use a digital system that was robust and secure.
Also, it would be completely wrong to not talk about the financial industry and how it has gained the most from this IT industry growth. Various IT industries have helped banks and different financial institutions incorporate contactless payments, online banking, and more.
Although public and private companies have historically led the IT ecosystem, startups have emerged as new players in recent years. Are startups regarded as the primary drivers of global IT service growth?
Indeed, major companies like TCS, Infosys, and Accenture have always been at the forefront of this IT ecosystem and have been offering their services across many important sectors. They also have a bigger client base and, with the best technical infrastructure, they have reached almost across the globe.
But, this tide has been changing, and now, more than ever, startups are playing a pivotal role in this IT ecosystem. Why?
Because they're tapping into a variety of unexplored industries and serving a diverse range of clients, whether it's for small businesses, startups, or the direct-to-customer segmentation.
Apart from this, several startups are building great products and changing the world for the better.
The global Edtech industry was valued at around $200 billion in 2019, and it is expected to nearly double in 2026, with many startups launching their platforms and altering the educational landscape.
Mobility solutions is a sector where many startups have made significant contributions and are on the rise, as a result of remote work and growing reliance on cloud computing. The importance of startups in the advancement of the IT ecosystem will only grow in the future.
Whether we like it or not, the pandemic was one of the biggest reasons why remote working was incorporated into our lives or a reason that gave rise to never-seen-before revenue streams for IT businesses. Likewise, which factors may impact the global IT industry's growth in 2022 and beyond?
People often say that necessity is the mother of invention and these startups are trying to leverage every opportunity that comes their way. There are still a lot of issues that need to be addressed, and startups are just beginning to identify them and try to solve them.
COVID-19 has resulted in a surge in e-commerce and accelerated digital transformation in the midst of slowing economic activity. Do you believe the same surging rate will be upheld in the future?
The push that COVID-19 gave to the e-commerce industry has been phenomenal. Just last year, the retail e-commerce industry amounted to approximately 4.9 trillion U.S. dollars worldwide and is expected to grow by almost 50% in the next four years.
While many businesses have adopted advanced methods for digital transformation, many others continue to operate traditionally, and SDLC Corp is assisting such businesses in changing their IT infrastructure.
We assist them in making the transition from physical data centers to cloud computing, as well as providing services in areas where they lack expertise.
Also, The blockchain domain, being a relatively new technology, is a very lucrative field that is on everyone's radar, and we help organizations capitalize on this opportunity. Being an expert in blockchain technology, we help businesses shift from Web 2.0 to Web 3.0 and build decentralized apps (Dapps) for their clients.
In light of recent events, the Russian invasion of Ukraine has already had an impact on the energy and commodity markets, but technology is another major industry that has suffered. How badly do such events affect the IT industry, and are other offshore companies noticing a shift in workflow?
Before the conflict, the Ukrainian IT industry was a valuable tech hub, with major companies like Microsoft, Google, Samsung, and others using Ukrainian IT services, but the situation there is now much worse.
Even here at SDLC corp, we've received numerous inquiries from clients who were previously associated with companies based there or from businesses seeking additional assistance in such a crisis.
The immense growth of the IT industry is because of the skilled professionals working day in, and day out. But, a new trend that has been worrying business owners is the Great Resignation. How is it affecting the growth of the IT industry and how can companies fight it?
This is a big issue that needs to be addressed and organizations must strike a perfect balance between continuous talent acquisition and employee retention.
To combat Great Resignation, we need to ensure that the levels of employee satisfaction are high and for that, CEOs and managers must analyze what is causing employees to resign or migrate to other businesses and solve them at the earliest.
Winning in growing markets is difficult; because MNCs offer higher pay packages to employees and have a global network, do you think they are better positioned to thrive than small businesses?
As much as I hate to agree with this, in terms of investors and funds, MNCs have a better hand than startups. They have better IT processes in place which gives them an edge over startups in many criteria.
However, one area where startups excel is in innovation. Even we at SDLC corp are innovating and working on the latest technologies which inspire people to get excited about their work. We even have people who claim that, despite better compensation at other companies, they stay at SDLC corp because of the variety of technology they have access to.
I believe that good compensation plays a larger role in deciding between an MNC and a startup, but it should not be the sole factor in an individual's decision.
How can small and medium-sized IT firms compete with multinational corporations? What do you believe gives them an advantage over large global IT firms?
When companies focus on solving people's problems and making their lives easier through technology, other companies will want to connect with them and provide opportunities that never existed priorly.
Given the scarcity of in-house IT professionals and high-quality software solutions, more businesses are outsourcing their digital transformation projects; how can an innovative small or medium-sized IT firm capitalize on such opportunities?
Today, we see a fundamental change in the way consumers buy technology. One model that is widely adopted by many is to check the best service provider or software companies In the listing sites. Here, is where excellent listing platforms like GoodFirms come into play.
GoodFirms, the globally recognized review, rating and research platform supports many startups and mid-sized companies, connecting them with other potential businesses.
Events and conferences are another way to connect with like-minded people and gather leads for your business. Likewise, options are plenty but an entrepreneur must keep meeting new people in the industry and gain more insights from them.
What are the most pressing issues to address in the software industry, given the rapid pace of innovation in mobile app & Software development?
The Great Resignation is one such issue that needs to be addressed and must be solved as soon as possible.
Also, another pressing issue that not many talk about is related to technology. With constant technological advancements, it is becoming harder for companies to keep up with every new update and include each of them in their offerings.
SDLC corp takes a similar approach and focuses on the Blockchain domain. We're happy to be a part of our partners' digital transformation and help them successfully transition from Web 2 to Web 3.
To know more about the discussion, listen to the podcast.
What Next?
The IT industry is sure to be a goldmine for both businesses looking to break into the field and employees looking to advance up the corporate ladder. With the growing demand for software and technologies, it's only natural that businesses will be more willing to invest in the best software development companies and work with the best minds in the industry.
About GoodFirms Leaders Roundtable
Leaders Roundtable is a campaign undertaken to discuss the pain points of budding entrepreneurs. In this campaign, we talk with representatives of successful IT companies and take their views regarding topics in technology, business strategies, and more.
To get your company enrolled in our campaign, please drop a mail at [email protected]
