The IT and ITES sector look to gain traction and spread its wings wider this year, after demonstrating resilience during the difficult Covid days and documenting incredible growth following the pandemic in the year 2022.
With an increased percentage of growth rate and revenue gradient in 2022, the industry responded well to the post-pandemic phase. Given the Telangana government’s supportive and proactive approach, industry leaders anticipate that the new year will see many start-ups thrive and many Indian companies gain larger shares and opportunities as a result of the US recession.
With the State government’s push to broaden the scope of IT activities in tier-2 locations taking shape, there will be an increase in IT towers in smaller towns that fall under tier-2 and tier-3 cities in the coming quarter.
“This year has been an incredible year for the IT Industry, especially for Hyderabad. We witnessed huge growth in terms of new companies establishing their shops and others expanding their operations,” says Krishna Yedula, Secretary General, Society for Cyberabad Security Council.
While 2022 was all about working from home and getting back to work, the hybrid work model is likely to gain traction this year.
“Many companies are realising that professional growth would happen only when teams come together in person. So while there will be flexibility in work hours and days, there might be a greater push for teams to come together and operate,” says Deepthi Ravula, Chief Executive Officer, WE-Hub.
With more investors available to fund projects, start-ups are expected to achieve much greater success this year.
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“The start-up ecosystem is a huge impetus as the Telangana government is fostering, promoting, incubating, and supporting them with many initiatives. It is going to be a huge year for start-ups, especially the ones that have received funding,” said Bharani Kumar Aroll, President and CEO, TechTriad Inc.
Given the US recession, Indian companies may have more opportunities to expand with talented workers.
“In the previous year, 4,50,000 new jobs were created in the IT sector throughout the country and 1/3 rd of these were contributed by Hyderabad. We are confident that we will be able to maintain these numbers,” says IT and Industries Principal Secretary Jayesh Ranjan.
The primary goal is to expand the IT industry beyond Hyderabad and throughout Telangana. “IT Towers in Karimnagar, Warangal, and Khammam are already operational, and many larger companies have been moving to these areas,” says Vijay Rangineni, CEO of IT Investments, Government of Telangana. IT towers will be built in Nizamabad, Mahabubnagar, and Siddipet in the next quarter, and in Nalgonda in the middle of the year.
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