IT Business in SAARC region- Opportunity for Partners?

Information technology (IT) is regarded as a modern-day technology that has virtually become necessary for a nation's economic and scientific progress. The information technology sector today plays a significant role in all aspects of life and has a measurable impact on a country's development trajectory.

Regions within SAARC however lacks the effort towards the development of original hardware and software products services. The majority of the items (both hardware and software) are planned, conceptualized, and built abroad, with the South Asian region only contributing to the operational part through its large workforce.

Perhaps, South Asian countries have started to invest in the development in the field of IT business after noticing the lagging behind status. South Asian countries have significantly improved their IT preparedness over the years, and India, for example, became a major center for IT development activities for the entire world.

The increasing rate of digitization has created new positions in e-commerce and supply chains, such as the transition to online retail owing to lockdowns. As a result of these trends, businesses have begun to adopt new digital technologies, leading to a surge in demand for software and cybersecurity experts. Emerging technologies such as artificial intelligence (AI), blockchain, and self-driving cars are presenting intriguing prospects to address some of South Asia's large-scale systemic concerns.

According to reports, the overall value of IT services in the region was $74 billion in 2017. Banking, healthcare, telecommunications, and distribution are all benefiting and thus rapidly growing in the field of big data and cloud computing. Regional businesses will also have the opportunity to participate in the development of regional IT systems and perhaps create their own software solutions. This region's technological firms now see a significant growth opportunity, the first of which is to meet IT demand. Companies will need to quickly catch up on the scale, capacity, and human resources required by the latest technological advances in order to take advantage of these opportunities. One of South Asia's largest firms, for example, has been sponsoring research into cutting-edge social, mobile, analytics, and cloud solutions for socioeconomic sectors including banking, telecommunications, and healthcare. The corporation had a $119 million profit in 2013.

Businesses are also working to provide systems integration solutions in sectors as diverse as automation and telecommunications. Apart from this, the IT business is also channeling energy, resources and initiatives into sectors like solutions development, system integration and SMAC (social, mobile, analytics and cloud). The increased use of the internet and smartphones have opened up opportunities for partnership and collaboration, thus rendering a positive impact on the growth of IT.

Also Read: Why Social Media is an important platform to sell products?

Tech evangelists educate, empowers, and prepares citizens for the future of partnership to assess the benefits. There's endless opportunities for potential business and partnership, for example, ecosystems for AI, drone and smart cameras, etc. The government are also spending lakhs of money in these specific areas for over a decade for enhancing and developing strong connections and collaborations.

Governments that partner with the private sector to invest in developing technologies that are important to the country also encourages partnerships and collaborations, thus offer many opportunities for the same. Even the entrepreneurs that are investing in partnership through large-scale government innovation programmes that bring together public and private sectors, support and enhance the odds of success for businessmen developing and working in information technology.

By Aditri Priya, DQ Channels 

Read more IT news here

Read products news here