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Reasons for Outsourcing to Bangladesh in 2022
Reasons for Outsourcing to Bangladesh in 2022
With innovative software development, and providing high end IT solutions IT companies play an important role in making Bangladesh an impressive outsourcing destination.
During the last two decades, there has been a drastic change in the entire IT industry worldwide. There is a constant effort toward making the use of information technology more convenient and accessible for everyone. Bangladesh has witnessed the biggest growth in the IT sector with the commencement of the countries’ dream project of Digital Bangladesh.
During the last two decades, there has been a drastic change in the entire IT industry worldwide. There is a constant effort toward making the use of information technology more convenient and accessible for everyone. Bangladesh has witnessed the biggest growth in the IT sector with the commencement of the countries’ dream project of Digital Bangladesh.
Bangladesh is a naturally beautiful and geographically pleasant small country situated in the north-eastern corner of the Indian subcontinent with a population estimated to be 165 million. Despite a short span of time being in the global market of tech industry, Bangladeshi IT companies have established a reliable identity to earn the attention of the foreign companies to collaborate with Bangladeshi IT companies.
Bangladesh has enjoyed consistent annual GDP growth in the last 10 years. The majority of Bangladesh’s economic growth continues to be driven by exports from the $31.5 billion ready-made garment (RMG) industry and continued remittance inflows from expatriate labor. Bangladesh has been consistently improving as a small developing country. Bangladesh is already globally recognized for successful accomplishments in the garments industry. Other important sectors include information and communication technology (ICT), business process outsourcing, engineering, service etc.
However, the scenario was not as favorable even a few years ago. According to current government statistics, every year more than 25000 students graduate from different sectors of engineering institutions around the country. Earlier a large number of students were not assured if they could pursue their preferred career. There were not many companies open toward digitization and hence, the economic growth was also yet to be significantly recognizable.
With the vision of creating a Digital Bangladesh, commendable initiative is taken by the government and is being executed by the ICT ministry. In the last 10 years, the ministry has conducted numerous summits and IT programs which have created great awareness among the civilians as well as ensured innovative opportunities for the tech enthusiasts and IT professionals across various sectors. Since then, there is a constant improvement in the Bangladeshi companies with more technological adaptation and it is creating pathways for the youth.
Earlier in 2008, the export revenue of Bangladesh from the IT sector was only $26 million, it crossed $1.4 billion in 2021. Only 300 software companies and 50,000 people worked in this industry in 2008. Now, one million people are working. Under the direct patronage of the Bangladesh Association of Software and Information Services (BASIS), there are 1,700 plus IT companies operating in the country and the number has almost doubled in the last five years.
This growth has been possible because of remarkable contributions of the IT companies as these companies played an important role in providing high end IT solutions and making Bangladesh an impressive outsourcing destination. Outsourcing has become one of the most cost-effective, smart business models for profitable business operations with a competitive edge for companies to directly have an impact on reducing the business expenditure.
Bangladeshi IT companies are preferred over other Asian IT companies because they have a talented pool of engineers who are great communicators and well-trained with internationally standard professional skills. Remote developers in Bangladesh, are highly efficient in maintaining global time zones and working with flexibility in fulfilling project requirements. The quality and expert industry knowledge give the competitive advantage in terms of excellent service delivery. The service standard and the cost-effective business opportunities are the best combinations for customers looking forward to outsourcing to Bangladesh.
Bangladeshi IT companies have expert teams experienced in diverse technology including Web Development, Relational databases/data storages, Big data, Machine learning, Test automation tools, Clouds Services, ICT consultancy, Onshore, offshore, and nearshore development Outsourcing companies are very cautious in protecting all client’s confidentiality and regularly conduct network and security audits in our workplace. The practice of Agile methodologies offers a highly collaborative environment and a proven track record of impressive results. Flexibility and customer satisfaction are the specialties that help Bangladesh IT companies gain trust and long-term customer relationships.
According to the Global Location Service Index, a market analysis tool offered by AT Karney, Bangladesh ranks 21st in IT outsourcing, business process outsourcing and software development. The country also has the second-largest number of freelancers worldwide, according to the Oxford Internet Institute, and more than 40,000 people work in the outsourcing industry, earning more than $300 million (267 million euros) every year, according to the Bangladesh Association of Call Centre and Outsourcing (BACCO).
Among the top 250 IT delivery locations, Bangladesh’s IT workforce offers significantly competitive costs compared with well-established and offshore centers such as India and the Philippines according to a 2017 report by research company Everest Group. In addition, operative costs in Dhaka are 16% to 20% cheaper than in Bangalore in India, and 30% lower than in Cebu in the Philippines.
There is a huge increase in potential scope as more global companies are now interested to enter the market and invest in these sectors. The IT industry in Bangladesh has seen a bloom with impressive participation in the global tech market. Leading global IT service providers such as Wipro, IBM, TCS, NTT Data, Infosys, Sony, and Panasonic have already entered the Bangladesh market by setting up delivery centers and joint ventures with local IT companies, and it has created more pathways for foreign investment in the Bangladesh IT industry.
A wide range of incentives is available for investment in the ICT industry, including initiatives for investors such as a 10-year corporate income tax exemption, and a three-year exemption on the income tax of the foreign professionals they employ. These are lucrative options for foreign companies to be interested in investing here with profitable outcomes.
In addition to that, the Bangladeshi government is developing 28 hi-tech parks where ICT companies can find a plug-and-play-ready infrastructure for their operations. This has enhanced the technological environment of Bangladesh and has improved foreign investment and trading.
Bangladesh is among the world’s leading outsourcing markets, with over 200 - 300 different BPO and IT companies providing their services to foreign businesses in many sectors. Some of the notable companies include BJIT, Quantanite, Genex Infosys LTD., Aamra Outsourcing, Syntech Solutions LTD, Brainstation 23, Southtech, Skytech Solutions Unicorn, Subra Systems Limited are working in the ICT outsourcing of Bangladesh.
BJIT has been working in the IT industry for more than 20 years and is one the pioneers of offshore software development in Bangladesh. Initially began with only 10 engineers and today with a team of 750+ engineers BJIT represents Bangladesh in the global IT market which has created a significant value to the progression of Information Technology in Bangladesh.
BJIT has maintained a great professional relationship with the Japan International Corporate Agency (JICA) which is working as an International corporation and supporting Bangladesh with academic, infrastructural, socioeconomic, and urban development.
Bangladesh Japan ICT Engineers Training program (BJET) is an exclusive training and development program run by BJIT in collaboration with JICA. Under this program, BJIT has been training and creating IT career opportunities for Bangladeshi students.
BJIT has been actively participating in tech summits, organizing highly appreciated IT competitions like code samurai and hackathon which has encouraged the students to get resourceful knowledge and learning platforms to enhance their skills according to the global requirement for IT career development.
For any queries feel free to reach out to us at https://bjitgroup.com/
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