The first thing that comes into most of our minds when we think of India is crowded streets, traffic jams, rich textures and vibrant colors and of course the Taj Mahal.
India is now also perceived as an economic giant that is bursting with brilliant software engineers and ambitious entrepreneurs, with the IT industry having been a major contributor to the country’s economic growth.
And India’s IT-BPO companies continue to experience enormous growth: It is expected that the 2010 revenue for IT-BPO industry is US $ 75 billion, while the number of direct employment in this industry reaches 2.5 million, an addition of 110,000 employees.
How did this happen?
Let’s turn the clock back with an inspiring story of how a group of entrepreneurs created India's most respectable IT company Infosys without any financial backup.
The idea of Infosys was conceived in early January 1981 by N R Narayana Murthy and six software engineers as a result of a discussion on establishing a source code development company. Six months later, Infosys was registered as a private limited company. The initial capital was a mere US $ 250, which Murthy borrowed from his wife and upon which the front room of Murthy's apartment was transformed into Infosys’ first office.
Today, Infosys is a NASDAQ listed global consulting and IT services company with more than 105,000 employees. Having optimized the initial investment of US $ 250, Infosys has rapidly grown to a US $ 4.8 billion company with a market capitalization of US $ 33 billion.
Infosys is a symbol of India's information technology glory along with other few Indian companies such as TCS, Wipro and HCL. They changed the perception of the world towards India and secured the admirable fame of “Indian IT". In the last 28 years, Infosys catalyzed some major changes that led to India's emergence as the global destination for software services latent. As India’s first IT company to be listed on NASDAQ, Infosys pioneered the global delivery mode and also created some of India's first salaried millionaires through their employee stock options plan.
Now let’s turn to some of the key growth drivers that are impacting the IT sector in India.
Firstly, customers are increasingly seeking physical security systems that allow integration into existing IT infrastructure. This demand for convergence will drive our strategic initiatives around IP based products and IT security solutions with emerging IT channel segments.
Secondly, HID has a traditionally large installed base in IT-BPO companies. This may translate into promising HID opportunities with companies seeking to leverage that infrastructure to add more applications and technologies.
Thirdly, there are only 2,000 security channel partners compared to over 20,000 IT companies in India and the innovative partner are now looking to add security technology to their portfolio. This represents a huge opportunity for HID Global to expand its channel base in India and also expand into tier 2 and 3 cities.
Looking at the success of Infosys and the current key growth drivers impacting the IT industry in India, it is no doubt in my mind that the IT industry will fuel the next phase of growth for HID in India and we are aligning our business to the opportunities that the IT is presenting to us accordingly. HID Global has made significant strides in the areas of convergence solutions and an SDI offering, and IT will play a significant role in shaping our customer and channel landscape in the region.