In 2022, the industry responds well to the post-COVID-19 phase, with higher growth rates and revenue gradients.
Posted Date – 11:45 PM, Sunday – 1/1/23
Hyderabad: The IT and ITES industry, which has shown resilience during the difficult Covid days and recorded incredible post-pandemic growth in 2022, is poised to gain more traction and expand its reach this year.
In 2022, the industry responds well to the post-COVID-19 phase, with higher growth rates and revenue gradients. Given the supportive and positive attitude of the Telangana government, industry leaders see the new year as a boom year for many start-ups, and many Indian companies will gain a bigger share and opportunity amid the recession in the US.
IT towers will also increase in smaller towns in tier 2 and tier 3 cities in the next quarter as the state government’s efforts to expand the scope of IT activities in tier 2 cities take shape.
“This year has been an incredible year for the IT industry, especially for Hyderabad. We have witnessed tremendous growth in terms of new companies setting up shop and others expanding their operations,” said Krishna, Secretary General, Cyberabad Security Council Association Yedula said.
While 2022 is all about working from home and returning to work, this year may see more recognition for hybrid working models.
“Many companies realize that professional development only happens when team members work together. So while there will be flexibility in working hours and workdays, there may be a stronger push for teams to function as one,” WE-Hub CEO Deepthi Ravula said.
Startups are expected to be more successful this year as more investors fund projects.
“The start-up ecosystem is a huge boost as the Telangana state government is nurturing, promoting, incubating and supporting them through many initiatives. It will be a good year for start-ups, especially those that have already Startups that get funding,” said Bharani Kumar Aroll, President and CEO of TechTriad Inc.
Given the recession in the US, Indian companies may have more opportunities to expand with talented employees.
“Last year, 450,000 new jobs were created in the IT sector across the country, 1/3 of which was contributed by Hyderabad. We are confident that we can maintain these numbers,” said Jayesh Ranjan, Chief Secretary for IT and Industry.
The main focus is to take the IT industry beyond Hyderabad and expand into Telangana. Vijay Rangineni, Chief Executive Officer, IT Investments, Government of Telangana, said, “IT Towers in Karimnagar, Warangal and Khammam are already operational and many large companies have moved to these areas. IT Towers will soon open in Nizamabad, Mahabubnagar and Siddipet next quarter and Opening in Nalgonda mid-year.”
