Is the IT market Booming in Nepal?

Is the IT market Booming in Nepal?

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The internet as we see it has become a crucial part of human lives, flooding us with information, ideas, and giving rise to many businesses. Thanks to the Internet, the IT industry worldwide has also grown exponentially in comparison to the past. In the context of Nepal, if you ask me, is the IT market Booming in Nepal? Definitely YES. The use of technology has exponentially increased thanks to the emergence of IT companies. 

The recent pandemic outbreak has also contributed a lot to the growth of technology users worldwide. The usage especially in Fin-Tech and E-commerce has gained a lot of popularity in Nepal in comparison to before the pandemic.

According to the Federation of Nepalese ChamberS of Commerce & Industry (FNCCI), Business Process Outsourcing is a major emerging area in IT in Nepal. These entities are often referred to as ITES-BPO (Informational Technology enable services-Business Process Outsourcing). The existing players in ITES-BPO in the market serve both the domestic and international markets. Three types of companies are involved in the ITES-BPO sector: local solution providers focusing on the local market, export-oriented providers (e.g, offshore center), and hybrid providers (both local and export-oriented).

There are a lot of software development companies, foreign as well as domestic companies emerging in Nepal such as Deerwalk, Leapfrog Technology, F1soft International, Yarsha Labs, Cotiviti, and many more. There are more than 300+ IT companies in Nepal including domestic and foreign which have been significant contributors to economic development in Nepal.

The Government also gives hand to the significant development of the IT industry here in Nepal. One is the easy registration of companies both foreign and domestic have also given birth to many of these companies. Talking about employment, as a result of COVID-19 pandemic outbreak, companies have adopted the work from home/remote work culture in their organizations. There are a lot of jobs boards like hamrodevjobs, merojob, kumarijob, where you can find these sorts of jobs and internships as well as coding boot camps.

As more companies emerge in this industry, it will generate more profit, contributing to economic growth not only today but also in the future. It will introduce us to new avenues and broaden the demand for human resources in the IT market. also is a result of these growing human resources and companies where they share varieties of job opportunities announced by different IT companies.

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