IT industry strikes double digit growth in 2011

Indunil Hewage

Sri Lankan IT industry has witnessed a remarkable double digit growth in 2011 and industry experts have confidence that the sector could achieve a similar growth rate for 2012 as well.

hSenid Software International CEO Dinesh B. Saparamadu said Sri Lanka is blessed with high caliber IT professionals who can adopt new technology easily and the government policies pertaining to the IT industry have also immensely benefited to achieve this growth.

The industry performance has been impressive during last year, even though there was a recession in the USA and European countries. The recession has not had a big impact on the local software and IT industry since these industries are engaged in exporting products to respective markets in a small quantities. During the last couple of years, the industry has undergone a major change in the information technology sector since local entrepreneurs managed to initiate IT organisations to serve the local and international markets and the industry has experienced a shift from multinational companies dominance to an increasing number of newly established fast-growing local IT companies.

“Local software entrepreneurs started developing products in financial markets, capital markets, leasing and financial services, insurance, stock broking and human resource systems for the telecom, banking and airline industries.

These local entrepreneurs competed with international companies for local and foreign tenders, managed to secure projects and, delivered them successfully. These companies have positioned Sri Lanka in the application product sector of the global market in a small way,” Saparamadu said.