Growing demand boosts IT sector

Infographic: TBS

The information technology (IT) sector in the country achieved impressive growth in 2021-22 FY as demand for related services increased both in the local and global markets after the economic turmoil caused by the Covid-19 pandemic.

People concerned said after overcoming the pandemic consequences, the sector has now been able to attract customers worldwide through IT-enabled services (ITES).

According to sources, in FY22, 10 listed IT firms published their annual disclosure and 80% of them achieved impressive profit growth compared to FY21.

Among the listed firms, the earnings of Agni Systems increased by 31% during the fiscal year. Its earnings per share stood at Tk1.01.

Officials of the company say that they achieved revenue growth as operating expenses were under control compared to the previous year.

Among the other listed IT firms, Aamra Technologies achieved 29% profit growth, BDCOM Online 33.3%, Genex Infosys 14.7%, and IT Consultants achieved 21.4% profit growth in FY22.

According to the Export Promotion Bureau (EPB), export earnings from computer-related services jumped by 94.91% to $592 million in FY22, which was $303.76 million in FY21.

Market insiders say many global IT giants are trying to hire Bangladeshi IT firms and professionals through the Offshore Development Center (ODC) model.

Moreover, demand for software and IT-enabled services is growing in the country as many local business entities are taking to automation, they added.

Imtiaz Ilahi, managing director of GraphicPeople, a company that provides digital print and production support services to advertising agencies and brands, said, "Dependence on IT services in the country has increased in the last two years. The industry has also achieved big growth during this time."

"People were compelled to use ITES owing to factors like work from home and remote working during the pandemic. These issues helped the business in the local market and outsourcing," he added.

Adding that the industry has witnessed 10% to 15% growth, he said, "We have employed many people as well as made new customers during the year."

Russell T Ahmed, president of Bangladesh Association of Software and Information Services (BASIS) and CEO of Team Creative, told The Business Standard, "The ICT (Information and Communication Technology) industry has been developing through combined efforts. We need to brand our sector globally for this growth to continue."

"We have to concentrate on creating skilled manpower in the sector. We need to analyse our requirements before training people," he added.