The IT industry, the fastest growing industry in the world today is a key driver of the global economy. The industry creates jobs for millions of people all over the world. The largest industry has the largest number of people employed under its roof today and not only in the developed countries. Even in the developing countries like China and India the numbers of employment opportunities come from IT service providers.
Both the software and hardware components form part of the IT industry. There are a variety of tasks that IT professionals perform. These include development, networking, management, database and software design, administration and engineering computer hardware among several others. Technology has a high penetration in our everyday lives and IT plays an essential role in it. With Desktop computers, laptops, tablets, smart phones and ITs integration with television, automobiles and other technology, IT is no wonder a rapidly growing industry. One of the primary reasons for the growth of this industry is its easy accessibility and the convenience that it provides to its users.
Unlike other industries, this industry is completely knowledge based. With more and more students passing out of engineering, computer and IT courses, the IT service provider companies have been having no trouble in finding young minds to take the baton forward. The economies of scale associated with the industry is high, since the marginal cost of acquiring a hardware of software is much lower than the value it adds. Not only this, the IT sector also helps in the growth and development of other core sectors of the economy including the service and manufacturing industries. IT also helps in e-governance and enhances the transparency in a system and provides the populace with whatever information they need, with convenience.
When it comes to America, there may be a downside to the IT industry: Outsourcing. Outsourcing, although helpful to American companies in gaining that edge over their competitors by expanding their operations to other countries where labor costs are much lower and quality of work is high, it costs the American citizens their jobs. Even though outsourcing gives the company a global marketplace and increases its cost effectiveness, it results in unemployment for the professionals of the home country. A lot of jobs are outsourced to countries like China and India because of the availability of high skilled low cost labor. What makes it worse for the American IT aspirants is that foreigners are permitted work visas to work for American companies.
Whether it is costing Americans their jobs or helping in creating jobs in lesser developed countries, IT service providers are doing one thing for sure: Making the world a convenient, knowledgeable and a more advanced place.
Author is member of working team for Barrister.com. Barrister Global Services Network is a premier provider of nationwide IT services
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