The top five IT firms — TCS, Wipro, Infosys, HCL Tech, Tech Mahindra — together will hire over 110,000 technology professionals in the FY 2021-22, much higher than the addition of the net job of 90,000 during the last FY. DXC Technology, Mindtree and many other tech firms will also step up hiring in the coming quarters of this FY to manage higher attrition rates. These companies look for talent to execute projects for clients looking to digitally transform their businesses.
Around 55% of the CIOs plan to increase the total number of full-time employees in their team to push digital initiatives throughout 2021, said research firm Gartner. Positions will be opened for the techies having experience in the areas of automation, cloud, analytics platforms, and support for remote work. The need to accelerate digital initiatives, by a large margin, will drive talent acquisition, followed by automation and rising cloud adoption.
IDC said that spend on ICT in India will grow over 10% in 2021 to touch $91 bn and hit $111 bn by 2024. The revival of economic activities and growing consumer demand will accelerate this growth, said the report. BFSI and telecom will be the biggest contributor to the growth by with 14% of the overall ICT spend. The sector may grow at 7.8%, following the increased ICT investments in improving customer experience, business continuity, and cybersecurity.
HDFC Bank, the second-largest lender, now has an external professional IT firm, appointed by the RBI under Section 30 (1‐B) and Section 30 (1‐C) of the Banking Regulation Act, to conduct an entire audit of the bank’s IT infrastructure. This has come after the bank had given power failure at the data centre as the primary reason for the outage of digital channels. The RBI, following the outage, disallowed onboarding of new credit and debit card customers.
TCS became the second Indian firm to hit a market capitalisation of Rs 11 lakh cr on Monday. Its market capitalisation is more than 2X than Infosys as it stock hit an all-time high of Rs 2949.9 on the day. The company was listed on Aug 2004 at a market capitalisation of Rs 47,200 cr took two years to touch the Rs 1 lakh cr mark in Sept 2006, 10 yrs to reach Rs 5 lakh cr market-cap in July 2014 and 16 yrs to reach Rs 10 lakh cr on October 5, 2020.
Worldwide IT spending is projected to total $3.8 tril in 2021, an increase of 4% from 2020, according to research firm Gartner. IT spending in 2020 is expected to total $3.6 tril, down 5.4% from 2019. All IT spending segments are forecast to decline in 2020. Enterprise software (7.2%) and spending on data centre systems (5.2%) are expected to have the strongest rebound in 2020. Cloud computing, despite growth in 2020, will not be reflected in vendors’ revenue until 2021.
Tyler Technologies acknowledged that it was hit by a ransomware attack, two days after telling clients an unknown intruder had compromised its phone and IT systems. It is still unknown whether it had to pay to get its systems unlocked. The company said the impact was limited and no customers seemed to be affected. Tyler is a major US-based software provider that provides services to local and state govt across the country.
IT firms are giving special rewards – salary hikes (min 15%), team recognition, etc – to those employees who are skilled in specialised techs like AI and cybersecurity. As a result, a large number of existing IT workers and freshers have enrolled for courses in these tech niches. EdTech firms like GreatLearning (50K), Jigsaw Academy (5k+), SpringPeople (6K+) are flooded with enrolment in specialised tech since April; 60% of which are freshers.
1. A common solution applied at all levels of hardware/software eases IT management 2. MEM automates redundant tasks; cloud-based approach simplifies task management. 3. Remote troubleshooting capabilities resolve boot time glitches and other issues remotely, ensuring better user experience. 4. Unified console provides access to all endpoint security processes like patch management, browser security, vulnerability management enabling remote data security.