Information Technology is an umbrella term used for all things associated with computers and the network of computers, which also extends to technologies such as televisions and telephones. Today, the world is on the brink of turning ‘smart’, thanks to the Internet of Things (IoT). As with many changes in the IT world, there are growing concerns of privacy and security, which is getting top tech giants and governments to come up with industry standards. As an industry, IT vertical has rapid growth prospects world over, with no stopping in near future
IT or Information Technology is a term commonly used synonymously for computers and computer networks. However, it also encompasses other information distribution technologies such as television and telephones.
Tim Bernes-Lee invented what we now know as the World Wide Web. Vinton G Vint Cerf was an American scientist known as the father of the Internet along with Bob Kahn. These are facts that will get you scores in general knowledge.
But the whole story began when Charles Babbage, an English mechanical engineer and polymath, originated the concept of a programmable computer. Considered to be the ‘father of computers’, he conceptualised and invented the first mechanical computer in the early 19th century.
Today, the penetration of the internet into the lives of people around the world is totally awesome. Probably, the Gen Z and Gen Alpha will not know of a world without IoT or Internet of Things. By definition, the Internet of Things describes the network of physical objects or things that are embedded with sensors, software and other technologies for the purpose of connecting and exchanging data with other devices and systems of the Internet.
However, the definition of IoT has evolved due to the convergence of multiple technologies, real-time analytics, machine learning, commodity sensors and embedded systems. In short, they include all things referred to as ‘smart’. Some examples include connected appliances, smart home security systems, autonomous farming equipment, wearable health monitors, smart factory equipment, wireless inventory trackers, ultra-high speed wireless internet, bio-metric cybersecurity scanners, etc.
Thanks to growing concerns over security and privacy issues, the industry and governments have begun development of industry standards.
“Technology can be a boon or bane depending on how it is used. The current generation of people cannot envisage a world that is not ‘smart’. The investments are huge in the vertical and it is a field that sees no end in near future,” says corporate business strategist, business development consultant and astro-strategist Hirav Shah.
Hirav Shah himself is an Electronic Engineer and SAP certified.
Living in a world connected by internet, let’s check out some FAQs about the IT industry:
1) What role does technology play in business?
It’s a rare business that can operate in this day and age without technology. Internet access, computers, phones, printers, tablets, software, apps, and more are necessary for the vast majority of companies. While in theory, one can run a company without IT, but in today’s time the big question is would the company survive for long?
Technology’s role has changed over the years, from merely operational to highly strategic. Companies are designing IT roadmaps to drive goals, innovate and lead change in their industries, says Business Strategist Hirav Shah.
2) What does one mean by the IT industry?
The IT industry is a broad, sweeping term that covers many information technology oriented organisations. So, when one speaks about the IT industry, it includes all organizations or departments within organizations which develop, maintain or operate the information technology systems.
3) What does the IT industry do?
The responsibilities of those working in the field include network administration, software development, installation, planning and management of an organisation’s technology life cycle, by which hardware and software are maintained, upgraded and replaced.
4) What are the important trends in the IT vertical?
Today, the world is sprinkled with terms like artificial intelligence, machine learning, touch commerce and these have changed the way the world functions. They have impacted industries across the board from banking to healthcare, technology is revolutionising the way we do business and making hi-tech approaches an integral part of our lives.
a) Internet of Things (IoT): One of the biggest trends is surely IoT. Simply put, IoT is the idea that all technological devices can be connected to the internet and to each other in an attempt to create the perfect marriage of physical and digital worlds. IoT has not only changed the way we do business, but also the business models we use to do it.
b) Machine Learning: It is primarily a computer’s ability to learn on its own by analyzing data and tracking repeating patterns. For example, social media platforms use machine learning to get a better understanding of how you’ve connected with those in your social network. Machine learning is helping tech giants like Google, to quote an example, reshape the way their business interacts with their customers, by anticipating and meeting customer needs more easily.
c) Virtual Reality (VR): While VR has been around since the 1950s, it could not provide full digital experience to the consumers. However, with recent strides in technology, hardware and programming, its effects will be felt across industries, from retail to education. Virtual Reality has been a popular component of video games for several years and this trend is continuing to expand.
d) Touch commerce: It merges touch-screen technology with one-click shopping, touch commerce allows consumers to buy products easily from their phones. This is one of the biggest things to hit e-commerce in recent years with purchases of this type expected to increase by 150% this year alone.
e) Cognitive technology: Cognitive technology is in the same vein as machine learning and virtual reality, except that it’s a broader concept. Examples of CT include things like natural language processing (NLP) and speech recognition. Combined with different technologies, the industry is able to automate and optimise a lot of tasks that were previously done by people, including certain aspects of accounting and analytics. This kind of data processing will help all industries hoping to scale.
5) Is the IT sector growing in India?
India’s information technology and back-office sector is expected to grow 7.7% in fiscal 2020 to $191 billion, with exports touching $147 billion, NASSCOM or the National Association of Software and Services Companies predicts.
6) Which is the largest IT company in the world?
It’s Microsoft Corp. The organisation provides desktop processing services for companies and individuals through Microsoft Office Suite. As the largest software company in the world, Microsoft provides a host of operating systems, server applications, software development and other products.
7) What is the future in the IT industry?
The emergence of new path-breaking technologies like artificial intelligence, Internet of Things, blockchain, machine learning, modern data science practices, cloud computing and big data and introduction and implementation of microservices, developer-operations (devops) and automation mark the future of the IT industry, says Business Strategist and Business Consultant Hirav Shah.
8) Is IT among top sectors with growth prospects?
Of course, technology and machine learning are among the sectors on the verge of rapid growth. As for India, Information Technology tops the list of best sectors for long-term investment.
9) How can we track the growth of Indian IT sector?
The Information Technology and Information Technology Enabled Services (IT-ITes) sector is a field which is undergoing rapid evolution and is changing the shape of Indian business standards. The sector includes software development, consultancies, software management, online services and business process outsourcing (BPO).
In fact, India’s liberalisation was possible due to the growth of the IT industry. In the 1990s, the industry started off with an export of nearly $100 million with around 5,000 employees. The IT sector is one of the two top industries in India, says Business Strategist Hirav Shah.
10) What are the three industry groups in the IT sector?
The information technology (IT) sector comprises companies that produce software, hardware or semiconductor equipment, or companies that provide internet or related services.
● The three major industry groups within the IT sector are software and services, technology hardware and equipment and semiconductors and semiconductor equipment. These three industry groups are further divided into industries and sub-industries. Companies are aligned to a specific sub-industry that best describes their core or most profitable business.
11) What is the worth of the IT sector in the US?
The United States is the largest tech market in the world, representing 33% of the total or approximately $1.6 trillion for 2021. In the US and in many other countries, the tech sector accounts for a significant portion of economic activity.
12) Which are the richest tech companies in the world?
● Apple (AAPL): $2 trillion.
● Amazon.com (AMZN): $1.6 trillion.
● Microsoft Corp. ( MSFT): $1.6 trillion.
● Alphabet (GOOG, GOOGL): $1.05 trillion.
● Facebook (FB): $760 billion.
● Alibaba Group Holding (BABA): $730 billion.
● Tencent Holdings (TCEHY): $650 billion.
● Taiwan Semiconductor Manufacturing Co ( TSM): $393 billion.
“Money, money and more money is the future of the IT Industry” says Hirav Shah.