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Understanding the Software Industry in Bangladesh
Understanding the Software Industry in Bangladesh
Bangladesh has a vast number of remote workers who are eagerly waiting to tap into the opportunity of serving the global marketplace.
Bangladesh has evolved as a lucrative platform for drawing potential business opportunities in the IT sector. Bangladesh has a vast number of remote workers who are eagerly waiting to tap into the opportunity of serving the global marketplace. Apart from the remote workers, Bangladesh has got experts in the sales and marketing field working in the BPO sector among which over 16% of people work online. Companies that previously used to rely more on India regarding outsourcing purposes nowadays prefer to assign the responsibility to software companies in Bangladesh. Some of the renowned IT service companies in Bangladesh include Genex Infosys LTD, Fifotech, consistently delivering services to clients like Coca-Cola and Samsung.
Even though the local workforce was primarily specialized in areas like marketing, customer support services, and several other back-office kinds of tasks. However, the skills and the engagement of the professionals have expanded over the years and hence increased the scope for software development outsourcing to Bangladesh. Bangladesh still has great potential and areas to make improvements in the quality of the labor force and their expertise to become a key cost-effective provider of outsourcing services in the Asian region as well as the entire world.
Bangladesh is a populous country that consists of a huge amount of young and talented workforce.
When companies decide to outsource some of their crucial IT services or maybe an entire IT operational tasks to a company in Bangladesh, certain factors play a key role to drive them more towards making such a decision. There are numerous benefits of outsourcing to a software company in Dhaka, let’s look at those to better understand how the IT and software industry in Bangladesh has been expanding over the years.
Bangladesh is a populous country that consists of a huge amount of young workforce. Each year around 10000 IT students graduate from different universities. Overall it has been estimated that Bangladesh possesses around 200,000 potential candidates ready to work for the IT sector. Moreover, the best part which has made Bangladesh a prominent country for global software outsourcing is its cheaper labor cost which is almost half of what other countries like India or the Philippines charge. The young talents and their expertise get mostly employed in cities like Dhaka and Chattogram.
The educational infrastructure of Bangladesh has strengthened over the years. There are over 150 universities, colleges, and other educational institutions which consist of public universities, private universities, and other forms of specialized universities. Advancements in the education sector have enabled the universities to offer more specific and technical subjects in the IT or engineering field. As a result, greater emphasis has been given to the IT graduates who are ready to grab the opportunities of the ever-growing software industry in Bangladesh.
The Bangladesh government has taken several useful measures to boost the growth of the ICT sector in Bangladesh. The government has granted special tax holidays to the IT outsourcing and software industry. Apart from this government has also shared plans for developing IT parks in the coming years. Once the Sheikh Hasina Software Technology Park and Banghabandu Hi-Tech City start operating in full swing, the entire growth of the sector will be further stimulated. Some other offers which have also enhanced the progress of the IT outsourcing sector include reduction in tax up to 50% for the foreign employees, Vat exemption for renting out corporate places for software development purposes, and lifting the barriers on foreign capital ownership in Bangladesh.
Bangladesh is undoubtedly a preferable location for software outsourcing. A lot of global companies have outsourced their IT functions or operations so far in the country. Before the companies jump into the process of outsourcing, there are some factors which they should take into account for managing the business operations more conveniently.
The first and foremost factor that should be considered is language. In Bangladesh, there is a natural tendency to treat English as a second language. Hence before finalizing the agreement with the outsourcing company it is necessary to check the English proficiency of the workers in addition to their technical skills. This will ensure a stronger bond and business collaboration among the two companies.
The second one is the time zone difference. For instance, Bangladesh is 11 hours ahead of countries like the USA or European countries. Hence employees need to schedule meetings or discussion sessions accordingly, keeping both the parties' convenience in mind. In general Bangladesh, time zone lies in the GMT+6 range.
Some other difficulties which may hinder the work progress include sudden power outages, slow internet speed, and lack of advanced online banking solutions.
The entire IT sector would have been crippled if it wasn’t for the software companies that continuously keep on providing upgraded and modern versions of software to the entire tech industry. Different kinds of software are produced based on the type of industry or work it will be used. Let’s look at 10 top global software companies which are renowned in the software making business – Microsoft, Oracle, SAP, Salesforce.com, Adobe Systems, Broadcom, HCL Enterprise, Dell Technologies, Fiserv, and Intuit.
Apart from the global marketplace, an offshore outsourcing company, BJIT has changed the business scenario of Bangladesh software development. BJIT is known as the best software company in Bangladesh, optimizing the abundant pool of talent to optimize the right set of expertise for the projects of global clients. Over the last 20 years, BJIT has been persistently delivering high-quality services to global companies which include Sony, Valmet OY, Panasonic, and many others.
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