The chairman noted that the industry has been relatively stable and strong over the past one year and the IT services industry has been registering double digit growth. It points to a recovery from the global economic slump. He also believes that the industry presents a lot of opportunities and growth for the next five years is expected between 10% and 12%.
The IT services industry is currently valued at $143 billion, and it is expected to be worth $225 billion by 2020 and $350 billion by 2035. One of the industry's main focal points has been cyber security. There has recently been a lot of attention on the Internet of Things. There has been a lot of worry about data becoming more valuable, and this means data security will also become more valuable. India is famous for price arbitrage, and NASCOMM's clients expect it to adopt a risk-reward business. Such a transformation might be motivating, but it also presents its own challenges.
According to Mr. Reddy, disruptions in technology have eliminated linearity, and this also means that the skills required today are different from those required in the past. It is, therefore, difficult for companies to switch to people with new skills or to impact the current workforce with the new skills. Faster alignment is thus necessary in the industry which is also driven by outsourcing, and this helps the firm to remain up to date with the technology transformations taking place all around the world.
There is a lot of conservativeness that is affecting the industry, and the Global Trade Development requires more focus. One of the recent challenges was the increased visa fees, and Prime Minister Narendra Modi talked about the matter with US President Barack Obama. However, the issue will require more time for it to be resolved. The booming startup environment in India has been a positive driver for major areas such agriculture, employment, healthcare, and education.