The phone in your hand, computer, and the network in them are made and maintained by the sector called Information technology (IT) sector. It is a huge sector which deals with many more things than a phone, computer, and network.
In the following article, you will come to know about some components of this sector and also how information technology influences the world economy.
IT sector and its components
1. IT services
It mainly includes services like website-based service, server, client, etc. It contributes to a major amount of the IT sector, it is mainly used by the Government, Banking sector, Manufacturing sector, Financial sector, and so on.
2. Hardware
These are all types of physical equipment used and manufactured in the IT sector e.g. monitor, keyboard, mouse, etc. These can be considered as the Skeletal of the IT sector.
3. Software
Software equipment made by the IT sector, Countries like India make these types of products and export to other countries and contribute to its economies by exporting these products.
4. IT enabled services
These are those services which make use of all the information and also telecommunication, this is also a major part of the IT sector and This service contributes a lot to the economic growth of any country. These services are generally used by the Call centers, Remote education, content development, Animation, Network consultancy, Data entry and data conversation, Revenue accounting, etc.
Today’s world is a world of technology and without technology, you can not imagine the world, technology is now so important to us as water is important to a fish to survive. Today no field is there in which there is no use of technology, in every field technology is used. IT is made by two letters I denoting Information and T denotes technology so IT simply means the combination of information and technology and both information and technology are of great importance in today’s world and almost in every industry require the IT sector for doing their work hence it has a great role in increasing the economy of any country.
The following are some examples to show how the IT sector increases the economy of any country.
A) IT sector in education
Today are the days of digital education especially after the COVID 19 pandemic, every school is becoming digital and teachers are taking online classes so there is a high load on the network and online platforms which are there to conduct those classes and all the work is done to maintain this online system is done by IT tech professionals and by this work, IT sector is maintaining the education system and preventing loss of students education and indirectly saving lots of money of any country and help in the economic growth of the country.
B) IT sector in the Agriculture sector
IT has a great influence on the agriculture sector of any country. Let’s take an example, suppose there is the latest invention for farming which help to enhance the amount of crop grown for a particular area, so IT sector can prove all information the farmer very soon (by online means) which will help the farmer to grow more crops which finally increase the earning of the farmer that is increasing the economy of the country.
By information technology a farmer can get all the information about weather, the latest cost affection farming methods, the market value of the crop, where to sell the crop, etc. which help to increase the economic condition of the farmer and ultimately increase the GDP of the country.
C) Information technology in the finance sector
After the boom in this industry the banking system changes in a drastic manner, the banking sector improves and grows very fast and more and more banks are opening day by day and generating a huge amount of employment, and everybody knows that more employment means an increase in the GDP rate of any country means the increase of economy of any country
D) Impact of information technology in the Manufacturing sector
Manufacturing means making everything from needles to airplanes, it is a huge industry in the world. Today almost all the thing is made by use of technology and every industry which comes under manufacturing sector need their digital and have their website, app and every element which make them digital and being digital means taking continuous help of IT expert to making and maintenance of the website, application, etc. so indirectly information technology work as a backbone to the manufacturing sector too.
E) It sector in hospitality
The hospitality sector is very vast which includes restaurants, bars, hotels, motels, homestay, etc. This industry uses the information sector as a catalyst to grow their businesses, due to information technology every person knows the location of the best restaurant in a particular area, any hotel can market itself easily by digital marketing, if you want to grow your homestay service then you can grow it very fast by making a website of your service, these are some little example to show how the IT industry has a great value to improve and increase the hospitality sector.
The hospitality sector increases mean many people are getting jobs and which finally increases the economy of any country.
F) The information industry in the Tourism sector
The tourism sector is not only about transport, and the journey, but it has a great impact on the economy of a country. If any foreigner comes to your country then he/she not only visits a few places but also stays somewhere, will eat famous food from your country, buy some special things from your country, and much more. In simple language, it will impact the other sector too and thus have a great role in the economy of any country.
The information industry obviously boost this industry and thus boost the economy of any country is a great way
By the above examples, it is clear that the IT sector made a huge impact on any country’s economy.
Conclusion: In the above article I have discussed information technology and how it impacts the economy of the world. I hope you got my points which I have discussed above.
