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Future-Present Information Technology in Bangladesh

Bangladesh's economy is estimated to be worth 416 billion dollars. While many countries are in crisis due to the coronavirus, Bangladesh saw a 6.94 percent increase in its economy over the past year. This has been largely due to the country's leadership in information technology.

Bangladesh's success in information technology has helped it reach new heights. Bangladesh's international progress is made possible by the IT professionals and entrepreneurs in Bangladesh's IT sector. The government's initiatives in the IT sector played a supportive role in building "Digital Bangladesh", as did the efforts of the youth. In Bangladesh, smartphones and internet use is on the rise. Information technology services are not limited to cities. They reach villages and remote areas as well as the headquarters of Upazila districts. Many sectors of the country are experiencing rapid change as a result.

Information and Communication Technology

According to EPB and BASIS, Bangladesh's top trade organization for the IT sector, Bangladesh has an estimated $1.4 billion in exports. The country's information technology market is worth approximately 1.6 billion dollars. In Bangladesh, about 650,000 freelancers earn approximately 500 million dollars. According to the Oxford Internet Institute Bangladesh is second in the world for freelancing. Position after India. These details are taken from all the major freelancing websites worldwide. Many freelancers also work directly with clients. The information technology sector is not just about freelancers and information technology businesses. It also includes all sectors of Bangladesh's economy.

Breakthrough revolution

Information and communication technology has made a huge impact on every aspect of life, including education, medicine, economy and security. People are enjoying the benefits of technology every day. Technology is becoming a friend to people. Technology-based services reduce suffering and time. Employment increases with a higher standard of living.

Sector of E-commerce

Bangladesh's success on the international app and software market is also admirable. Online banking has changed the way we bank. Mobile banking has made it possible to bank from anywhere you are. Millions of young entrepreneurs create their social media pages, including Facebook. With the help of high-speed internet, the e-commerce industry has created a huge market. Digital Bangladesh also offers many benefits to citizens in their official work.

Digitization

Online access to many services is possible, including passports, driving licenses, birth and death registrations, and land deeds. The unemployment curse is reversed by freelance work. The internet has made it possible for the judiciary to go digital. The launch of a virtual court system has made it possible. Uber-Pathway, a ride-sharing service like Uber, has brought about a major change. This has led to increased employment and facilitated the transportation of many people.

Because of the rapid advancement in information technology and the expansion of digitization, it has become the backbone of the country’s economic infrastructure. Bangladesh is taking advantage of technology's enormous potential and has begun to implement cutting-edge measures like ubiquitous digitization.

Clothing industry

The garment industry in Bangladesh began its journey as an unusual export sector, starting on a small scale in early eighties. Even though the garment industry started with an export income only of 12,000 dollars, it continues to make a significant contribution to Bangladesh's socio-economic development. Exports of garments account for 83 percent. The country's garment industry has provided employment opportunities for approximately 4.4 million people and is responsible for more than $32 billion in export earnings. The contribution of the information technology industry to this sector is also undisputed. The automation of the garment industry has made it possible to use information technology in many areas, including garment design, quality control, staff management, as well as their salary payments. IT plays a significant role in the sector's $32 million in export earnings.

Different types of banking services

With the advancement of technology, the types of banking services have changed. Many products and services are now popular in the banking industry. These include: Online Banking, Internet Banking and Card Services, SMS Services. Automated Clearing, Agent Banking, Electronic Fund Transfers, RTGS, Mobile Apps.

Fintech

Fintech is an abbreviation for the use of technology. Fintech refers to technologically enabled financial innovation. The financial services industry is particularly affected by new business models, the application of models, and processing. Fintech is already gaining traction in many areas, including P-to-P and check deposits, money transactions as well as bill payments. Asset management, crowdfunding, and asset management are just some of the examples. Online transactions have outperformed traditional banking channels in the country due to information technology. The overall efficiency and productivity in the banking sector is increasing. On the other side, this technology is helping to increase the sector's profitability. It is becoming increasingly important to use ICT to improve customer satisfaction by enabling accurate transactions.

According to a study, bank employees' efficiency has increased by more than two-thirds over the past decade and a quarter due to the increasing use of technology. The bank's income will increase by 25 rupees if you spend one rupee on an ICT-savvy employee. If one rupee is spent by an employee of ordinary rank, the bank's income rises six rupees. The bank is four times more likely to invest in ICT-skilled workers. The bank can get Rs 136 in productivity for an investment of Rs 1. Spending Rs 1 in non-tech sectors, however, brings equivalent productivity to Rs 58. Global digital transformation is not limited to banks. It has reached all sectors.

Outsourcing

The world's business services sector grew by 9 per cent in 2021. Meanwhile, the sector of information technology outsourcing (ITO), grew 20 percent. This is the largest economic growth since the dotcom era. The Corona pandemic prompted companies to focus on digital transformation. This has created a huge opportunity. There are however many obstacles. The biggest problem in this sector is the shortage of skilled workers. In the US, there is a shortage of 0.24 million IT workers. The demand for math and computer professionals will grow at a rate much faster than the 15.4 percent average growth rate by 2031, due to the high demand of software developers.

Computer-based occupation

The demand for computer-based jobs will increase due to strong demand for information technology services such as cloud computing and cyber security. Job growth will be driven by significant growth in data-related or data-related jobs in mathematics, particularly the Internet of Things (IoT), consumer goods, industrial machinery, data collection and analysis, and other factors such as the Internet of Things, IoT, and other information-related occupations. Computer and mathematical occupations make up three of the top ten fastest-growing jobs. These are Data Scientists and Information Security Analysts as well as Statisticians. From 2021 to 2030, the third-largest job sector will be software developers. Even in countries like India, which are traditionally suppliers of IT-skilled manpower, there is a shortage of skilled labor. The crisis has been exacerbated by the conflict between Russia and Ukraine. The US IT sector, for example, is searching for service providers and destinations in other countries. Bangladesh is clearly an option country.

Export

Most of the products and services from the Bangladesh's information technology sector are exported to the United States. Three quarters of Bangladesh's exports from the information technology sector are to the United States. The United States is the largest market for IT in the world, with 33 percent of the country's IT sector and an estimated $1.8 trillion worth of trade by 2022. US GDP is 9.3 percent due to more than 520,000 software- and IT service companies. The United States is also the top country in ICT spending per capita. These factors make the United States a top ICT export destination for Bangladesh. The market is expected to grow further by 2024. Research predicts that Bangladesh's compound annual growth rate (CAGR), in the information technology sector, will remain steady at 5 percent annually. This is a tremendous opportunity for Bangladesh.

Smart Bangladesh'

The goal of making Bangladesh a digital Bangladesh by 2021 has been achieved. The country is well on its way to becoming a knowledge-based, cashless-developed Bangladesh by 2041. This target specializes on four areas: Digital Government, Skilled Manpower Development and Information Technology Sector.

Information technology was named 'Product Of The Year'. This honor recognizes the importance of the sector of information technology in conjunction with the tasks required to implement Smart Bangladesh. This announcement is not just a big opportunity for the sector. This is the right time to move the IT sector forward. We need to focus on skill development, facilitation of the startup ecosystem, development of local markets, and our branding in potentially lucrative areas at home as well as abroad.

We want to increase the export earnings of the IT sector to at minimum five billion dollars by 2025, in line with the announcement of "Product of Year". This is more than just words. It is not just words. There are actual events and problems in the IT sector that show that we are on a good track. The IT sector is moving steadily forward to be the driving force of the country’s economy. In Bangladesh, for example, nearly 100 percent of the $1.4 billion in export revenue was generated locally during the fiscal year 2021-22. This means that the Information Technology Sector contributes 1.28 Percent to Bangladesh's global position.

Bangladesh is second in the world for digital outsourcing. Bangladesh is the second-largest country in digital outsourcing. It has also been able to establish the 5th largest data center in Asia.

Contribution

The Bangladesh Association of Software and Information Services has been representing Bangladesh's IT sector at international events and helping local businesses expand their business through networking and other business opportunities. Let's take a look at the past. In formulating the 'National ICT Policy 2018' and Vision 2041: Smart Bangladesh, Made-in-Bangladesh : ICT Industry Strategy. The National Strategy for Robotics, National Internet of Things Strategy Bangladesh and Bangladesh Delta Plus were all formulated by the basis. These plans or policies will be a major part of the economy and the development of Bangladesh's information technology sector. BASIS launched its first training program in 2007 to identify the most important skills gaps in future advancements. In 2012, the Basis Institute of Technology and Management was created to institutionalize the program. Since 2012, BITM has been implementing various initiatives. This includes training half a million skilled workers. BASIS and Denition Federation of SMEs successfully implemented the 'Bangladesh Information Technology Management Program (BITMAP) in order to address the problem of startup incubation and skilled manpower. Under the auspices the European Commission's Asia Invest II program, the pilot project was executed. Bangladesh is known now as a "Development Wonder" and Bangladesh as a "Land of Infinite Possibilities." Through a variety of concessions and incentives, Bangladesh has quickly established itself as South Asia's most attractive country for foreign investment. This includes full profit repatriation and tax exemption for some IT businesses.

Future steps

BASIS believes that Bangladesh's IT sector is a key to making it a global ICT hub. Citizens and society can also benefit from its success. Our success stories and capabilities must be presented to potential markets. Local companies can grow their business and share that knowledge with entrepreneurs in Bangladesh. We have great innovation potential and it is important to bring them to the right markets. The GDP of the country. Over three thousand jobs have been created.

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