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Only 45% of Indian IT Job-Seeking Graduates Deemed Employable

As major IT companies freeze fresher intake, alternate sectors are opening up demand…reports Asian Lite News

With the widening skill gap in the Indian IT industry, only 45 per cent of job-seeking graduates seem employable and 1.55 lakh freshers are likely to be recruited in the IT/tech sector in FY24 versus 2.3 lakh in FY23, a report showed on Tuesday.

With approximately 1.5 million engineering graduates actively seeking IT/Tech roles, muted market sentiments and intensified skills evaluation mechanisms have created a turbulent landscape.

The Indian IT industry is set to hire 10 per cent of engineering graduates in FY 2023-24, according to TeamLease Digital’s report.

As major IT companies freeze fresher intake, alternate sectors are opening up demand.

Global capability centers (GCCs) and non-tech sectors like BFSI, communication, media and technology, retail and consumer business, life sciences and healthcare, engineering research and development, and energy and resources, have expanded entry-level hiring, the report mentioned.

“A united front can be forged through the collaborative efforts of the industry, academia, and government, leading to relevant programmes and curricula being designed. Government initiatives play a pivotal role in supporting skill development and research projects aimed at tackling industry-specific challenges,” said Krishna Vij, Business Head, TeamLease Digital.

The findings revealed that companies are looking for a combination of soft skills like communication, problem-solving, teamwork, emotional intelligence etc. and hard skills, which involves technical proficiency in programming languages, software development methodologies, cloud computing, and data analytics.

In the current educational landscape, it is imperative for institutions to prioritise the integration of industry-specific training programs into their curriculum, emphasised the report.

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Global IT spending projected to cross $5 tr in 2024

The software and IT services segments will both see double-digit growth in 2024, largely driven by cloud spending…reports Asian Lite News

Global IT spending is projected to reach $5.1 trillion in 2024, an increase of 8 per cent from 2023, according to a new report.

While generative AI (GenAI) has not yet had a material impact on IT spending, investment in AI more broadly is supporting overall IT spending growth, according to Gartner.

“In 2023 and 2024, very little IT spending will be tied to GenAI. However, organisations are continuing to invest in AI and automation to increase operational efficiency and bridge IT talent gaps,” said John-David Lovelock, distinguished VP analyst.

The hype around GenAI is supporting this trend, as CIOs recognise that today’s AI projects will be instrumental in developing an AI strategy and story before GenAI becomes part of their IT budgets starting in 2025, he added.

The software and IT services segments will both see double-digit growth in 2024, largely driven by cloud spending.

Global spending on public cloud services is forecast to increase 20.4 per cent in 2024, and similarly to 2023, the source of growth will be combination of cloud vendor price increases and increased utilisation.

While inflation’s effect on both consumers and businesses plagued the devices market throughout 2022 and 2023, devices spending will begin to rebound modestly in 2024, growing 4.8 per cent.

“AI has created a new security scare for organisations,” said Lovelock. CIOs are experiencing change fatigue, which is often manifesting as a hesitation to invest in new projects and initiatives. This is pushing a portion of 2023’s IT spending into 2024, a trend that is expected to continue into 2025, said the report.

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India targets $300 billion Electronics industry and $1 trillion digital economy by 2026

After implementation, it will be with a cap on maximum incentives available to participating companies…reports Asian Lite News

India aims to reach volumes and scale in making original electronic products and the goal is to catalyse partnerships between the government, academia and startups to enable manufacturing of IT hardware like that includes laptops, servers and tablets, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, said on Thursday.

Addressing a ‘Digital India Dialogues’ session on the recently-revised production-linked incentive (PLI) scheme for IT hardware in Bengaluru, the minister said that our ambitions are very clear — a $300 billion Electronics industry and the $1 trillion digital economy by 2026.

“Aligned with Prime Minister Narendra Modi’s vision, we want to be enablers in deepening India’s components and semiconductor ecosystem. The IT hardware PLI scheme has been carefully designed this time with inputs from the industry,” he told the gathering.

In May, the government cleared the PLI 2.0 scheme for IT hardware with an outlay of Rs 17,000 crore, more than doubling the budget for the scheme that was first cleared in 2021 to incentivise and promote domestic manufacturing by attracting large investments in the value chain.

After implementation, it will be with a cap on maximum incentives available to participating companies.

With an anticipated incremental investment of Rs 2,430 crore, the scheme aims to generate an incremental production amounting to Rs 3,35,000 crore.

Moreover, the PLI 2.0 is expected to create 75,000 direct jobs along with over 2 lakh indirect jobs, significantly increasing employment opportunities in the sector.

Through the provision of financial incentives, the government seeks to encourage localisation of IT hardware components and sub-assemblies.

The scheme covers laptops, tablets, all-in-one PCs, servers and ultra small form factor devices.

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Tech Lite

Global IT and business services market expected to grow by 5.6 %

Asia-Pacific’s growth outlook improved by 0.9 percentage points in 2022, largely due to China and other developed Asian markets like Australia, Japan, Singapore and South Korea…reports Asian Lite News

The global IT and business services market is expected to grow by 5.6 per cent in 2022, representing an increase of 160 basis points from 2021 forecast, according to IDC.

The market will continue to expand throughout the next few years at a rate of 4-5 per cent, representing an overall increase of 40 to 80 basis points each year, pushing the market’s long-term growth rate to 4.6 per cent.

Asia-Pacific’s growth outlook improved by 0.9 percentage points in 2022, largely due to China and other developed Asian markets like Australia, Japan, Singapore and South Korea.

“The improved market view reflects robust 2021 bookings and pipelines by several large services providers, an improved economic outlook (compared to the previous forecast cycle), and inflationary impact on the services market, offset slightly by the negative impact of the Ukraine/Russia conflict,” the report noted.

The Americas services market is forecast to grow by 5.3 per cent in 2022, up 150 basis points from the October 2021 forecast, owing to a faster economic rebound and the impact of inflation.

“While Europe is the most impacted region by the ongoing Ukraine/Russia conflict, we remain sanguine on the region,” it added.

However, Russian and Ukrainian markets will shrink significantly this year.

The Middle East & Africa (MEA) growth prospects for 2022 and 2023 have also been raised by 250 and 100 basis points, respectively.

Within the IT and business services markets and across all regions, cloud-related services spending has been the main growth accelerator since 2020.

IDC forecasts it to continue to grow close to 20 per cent year over year in 2022 and between 15 per cent to 20 per cent over the next three years.

Overall, while inflation may artificially boost market size in the short-term, this is largely offset by demand instability and rising labour costs.

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