It will not be incorrect to say no other industry has seen such exceptional growth as IT consulting business has. This year consulting industry added $366 Billion to the economy (Plunkett Research).
IT consulting firms came to spot light when growth of firms overruns the economy throughout 1980’s and 1990’s. With unprecedented growth and surplus work flowing in the large number of firms can into being at astonishing rate. But what goes up has to go down. Since 2001-2002 the bubble did burst and the growth of these firms was reduced but IT consulting still remains one of the most lucrative and productive business ventures.
But what this recent recession has provided is ground for restructuring. Just like finance sector when this huge hypothetical bubble did burst and all the non productive elements were tackled, such is the case of IT solution industry. A lot of change has happened as to the practices adopted by consulting firms who have survived this big apocalyptic recession.
A major section of IT Consulting Industry deals with outsourcing. According to one research by 2020 India’s Outsourcing and consulting industry will be generate about 225 Billion US dollars. Similar gains have been shown for outsourced services to different countries.
The IT consulting outsourcing numbers may change but will not be affected in a big way. The only factor now which this recession has brought is utilizing the resources in a way to create leaner environment. If a specific project needs 5 member team, tighter funds have made it imperative to either reduce head count or finish in due time. This trickles down to hiring not just the SME’s but people who are team players. The only difference between now is that the absence of these qualities will definitely mean loss of job.
Hiring the best and the most qualified has become the most critical factor to the industry which has been the backbone of today’s Techno generation.