Software industry growth is moving on another level

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Constant changes in technology, society, and culture are clearing the hurdles many developers jump to gain entry into the field. As a result, we’re seeing a more creative, diverse, innovative, and effective workforce. As we head into the new year, here are four trends I foresee impacting the role of the software developer.

Within the industry, multiple alternatives help students understand software development without a four-year undergraduate degree.

The Lambda School is a great example of a coding boot camp geared at teaching participants the skills needed as a developer without accumulating debt. The Lambda School is a huge success: 80% of students received job offers with an average starting salary of $70,000 last year.

While these students have no four-year degree (or debt), they still possess the skills needed to make it in the software development world.

I foresee the development industry will see an increase in programs like The Lambda School. Compared to traditional programs, coding boot camps can achieve the same outcome but in half the time and at half the cost. Access to innovative technology and training allows new developers to enter the market and contribute to a growing, digital-first economy.

Current scenario of software industry

If you’re considering a career in software engineering, there’s no better time to get involved. This field is experiencing enormous growth across the United States and around the world.

According to the U.S. Bureau of Labor Statistics (BLS), the number of job opportunities within software development is projected to increase 24% from 2016 to 2026, much higher than the national average growth rate for all professions of 7% These numbers point to the bright future of software engineering, especially as new software development trends continue to fuel the profession’s progress.

As spending on legacy technology systems declines, growth will be driven by key platforms: cloud, mobile, social and big data, and analytics.

A growing share of technology spending will be diverted toward newer capabilities such as AI, robotics, and augmented reality, fueled in part by the cost savings generated by cloud-based technology and automation.

Automation, however, goes beyond robots on the manufacturing floor: it also impacts the online business world. Digital marketing automation relies on algorithms that determine everything from when companies send out content to how they structure marketing campaigns and place ads. Forrester, a business research firm, forecasts that companies will spend more than $25 billion on global marketing automation by 2023 a projected increase from $11.4 billion in 2017, Marketing Dive reports.

This demand for automation opens up a new world of opportunities for aspiring software engineers with leading-edge skills in coding, computer programming, mathematics, and software engineering.

Last year, there were nearly 24 million software developers around the world. By 2024, Evans Data Corporation predicts that number will increase by 20% or 28.7 million people will work in the software development industry. Rapidly-evolving educational paths and new technologies make software development a career available to anyone willing to pursue it, and the future software developers will look drastically different than today.

Software industry in India

India’s IT industry can be divided into four main segments – IT services, Business Process Management, Software Products and Engineering Services, and Hardware. IT Services account for 51% of the total revenue of the sector, with BFSI (Banking, Financial Services and Insurance) being the key vertical.

Report on IT sector revenue

India has a low-cost advantage. IT services in India is cost a fraction (about 20%) of what they cost in the United States, which makes India a preferred destination for IT sourcing. India accounts for approximately 55% market share of the US$ 200-250 billion global services sourcing business.

The IT industry also saw some key trend emerging in the Retail and Consumer Packaged Goods (RCPG) industry amid the pandemic. With concerns for employee and client safety, key trends such as low/no touch interface with the customer (social distancing) and online selling, emerged. HCL Technologies helped a leading food retail chain create an entire digital platform to enable no-contact home deliveries.

Adoption of newer technologies in the BFSI vertical also accelerated growth for the sector. In May 2019, Infosys acquired a 75% stake in ABN AMRO Bank’s Indian subsidiary Stater for US$ 143 million.

NASSCOM report on Software growth

This partnership strengthens Infosys’ position as a leading technology and business process management provider across the mortgage services value chain.

The computer software and hardware sector in India attracted cumulative Foreign Direct Investment (FDI) inflows worth US$ 44.9 billion between April 2000 and March 2020. It ranked second in inflow of FDI, as per data released by the Department for Promotion of Industry and Internal Trade (DPIIT).

In the budget for FY20, the Government announced plans to launch a national program on Artificial Intelligence (AI) and setting up of a National AI portal.

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So, Get Ready for Software Industry

Invest in your future and learn the new stuff, Keep up and don’t reinvent wheels.
Use everything open source, commercial, services, and cloud.
you are going to have more software and bigger software. This means more lines of code, more files, more developers, more geographies, more APIs, more mobile apps, and more open source.

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