As a thrust sector, Bangladesh's software and IT industry represents the probability of successful reforms, industrial growth, job creation, and high growth effects on other sectors and also improving governance and facilitating retention.
The present World Bank Country Assistance strategy for Bangladesh also acknowledge the key role of software and IT in supporting the economical growth of Bangladesh. The information technology services and the services that enabled IT and Software industry presents an alluring segment worth $475billions that many countries are competing for. Information technology (IT) gives fast and easy access to all the essential information for the development of a nation. Lots of IT and Software companies are opening around the world. Nations are developing IT and Software platforms and promoting their built-up industries. Many Asian countries are creating conductive environments and drawing attention from global Software and IT industries for investment, becoming stakeholder in this boom. To utilize cost advantage, existing giants like Microsoft, Apple, Samsung etc are making huge investment in Asian countries. Bangladesh has huge under-utilized manpower even cheaper than India, Malaysia, China. So Bangladesh can be benefited from such initiatives, provided an established foreign investment platform with a nationwide IT and Software infrastructure and skilled labor force.
Why you invest in Software industry in Bangladesh?
The owners of small business and startup company know the importance of technology when they have communicate with their customers, potential clients, other businesses or the entire world. Though we may see overwhelming to incorporate more intense technology than Facebook, Instagram or Linkedin on a small business budget it’s possible even historically proven regardless of shape or size investing in software industry can ensure growth of a business. As a founder of an IT an software company I have developed some reasons why all companies or businesses should invest in software industry.
1. IT and Software investments are worth the overhead
First and foremost it is important for every business to note that investing in IT and Software industry do not have to be expensive. Most of the time many companies balk at the thought of springing budget money on software development and other technology. But the real cost of technology is much more lower than anything. So it’s worth to pay cents on per hour for the tools that will cause bigger reach to a broader audience. Then, for IT and software can created in a way that will suit every business including small business or bigger one. And everyone have to play a part in the investing process. If a tech team such as an IT and Software development company recognize there is a market in the business world for their offerings which include software or app development, coding, UX, web development and design and they will be more inclined to create new and improved small business solution.
2. IT and Software Development can Improve Business
It began in 90s when to take their ideas to the next level many companies have ascended to great heights to embark their success journeys in search of algorithms. Software IT companies of today are looking for the next level smart software to turn a business into a million dollar project just like the IT and Software developers helped entrepreneurs launch their big ideas. The impact of new technology on businesses can be gauged from the popularity of cloud. Internationally almost 40% business report better agility and responsiveness after they have deployed a cloud computing solution such as SAAS. (Bawa, n.d.). as many software developers who have grown up with technology know the faces and brain behind a new software and how to discover the next smart software.
3. Investing in Software Industry can create better interaction with customers
Let’s consider the case of chatbots. Though it’s not popular in Bangladesh but chatbots are a hit among the western younger crowd. In USA about 60% of millennials are interacting with a chatbots at least once. It’s not like came as a surprise, now the chatbot market is expected to reach $1.23 billion globally by 2025. (Bawa, n.d.) Actually chatbots provide faster responses and better interactions with customer’s queries. There are categories of customer support software cover almost everything from a simple Gmail account to a big enterprise call center system. The core types of customer support software are-
All software systems can manage more than one categories have written above. So investing in Software Industry can ensure better customer support, gather customers insights, scale up your service quality.
When to invest in the software industry?
With several growth drivers, a large pool of efficient young professionals, collaborating environment and dynamic leadership from the government and Bangladesh Association of Software and Information Service (BASIS) the IT and Software industry became one of the promising sector in Bangladesh.
Investing in Software industry offers opportunities for both growth investorIn Bangladesh many small and medium software companies are looking for investors. There are opportunities for both novice and experienced investors to invest in tech stocks. Software industry is a space where an average person can jump on emerging technology which they have experienced. So anyone who have little knowledge about IT and Software can invest in this industry and learn more. But this space offers opportunities for both growth investors and income investors. Growth investing can be beneficial for both investor and the company. If you expect a software company will grow a lot in the future, buying the shares of the company would be the best decision. You often pay for them a premium. This is how established software companies offer income as a form of dividends.
Future of software industry in Bangladesh
If someone ask me about the scenario of existence of Software industry 20 years ago. In 1997 a series of programs were taken initially focusing on exporting IT and software services. Over the last decade the IT and Software industry became the most promising sector in Bangladesh. Both large and small software and IT companies are specialize in various types of applications and software that provide services in different sector. To cross each other top software companies are always busy to adopt several strategies. According to a recent survey of BASIS in Bangladesh 70% of the IT and ITES companies are involved in development and maintenance of software for their clients. And about 45% of these companies are stick to their core business of software development such as E-Commerce, E-Learning, listing or payment services, web development or cloud storage services. So to achieve recognition among the users of software, web and other media all the software companies need to conduct research on customer demands, feedbacks and find out the most recent trend. Overall software industry of Bangladesh has a bright future. It’s just all the companies need to follow the key players in the industry and learn about the services they are giving and the strategies they are following. It will ensure their surviving in the industry and also enable them to compete with the international players in the industry of software.