The rapid convergence of technological and political forces is breaking down barriers and shrinking the world, making it a flatter place at an unprecedented pace, creating avenues towards a fully fledged knowledge economy.
Information technology is the life blood of this knowledge economy. Companies, governments and establishments the world over are leveraging information technology to become more competitive, productive and innovative.
In 2006, the global technology spend crossed $1.5 trillion and is growing at a rate of 7.7% to reach an estimated $2.1 trillion by 2010 (NASSCOM/McKenzie). This demand for information technology and operational efficiency created the Information Technology (IT) and Business Process Outsourcing (BPO) industry which is estimated at a staggering $300 billion. In India alone, the IT-BPO industry rakes in $47.7 billion of foreign income and employs over 1.6 million people (NASSCOM).
The IT-BPO industry is a supply constrained industry and the single most important factor for growth is the supply of quality talented knowledge workers. The key differentiator in the future will be the talent base and future projections of skilled labor supply.
Fueled by this unprecedented world-wide demand and our growing labor pool with a focus on education, the IT-BPO industry is undoubtedly the next big growth sector for Sri Lanka. Sri Lanka was also identified in the AT Kearney Top 50 Outsourcing Nations list for the first time in 2007, creating the potential for us to become a global player.
In Sri Lanka, the IT-BPO industry has already started to open new doors of wealth and avenues for mass employment. A number of world-class companies have already created thousands of jobs and are bringing in millions of dollars in foreign earning to Sri Lanka. However, the sustained growth of the industry depends on our ability as a nation to produce trained IT and BPO professionals in an accelerated manner.
Our vision: for Sri Lanka is to become a global Center Of Excellence for high-end analytics and engineering for selected niche domains in IT and BPO. As a niche player, we have the potential to become a global Center Of Excellence in our chosen areas of focus. Now is the time for us to reap the benefits of decades of investments in education.
The Future is clear. It is IT.