How Small Software Services Companies Can Thrive in the Evolving Business Landscape
The IT industry has been on the growth path for a long time, but there are signs that the boom may be over. With the largest players in the sector reporting flat or declining growth, what is the way ahead for small and mid-sized players?
In this video chat, Samir Karsale, founder of midsize and fast-growing enterprise software services company Zelite Solutions, discusses what’s really happening in the IT sector and how small and midsized businesses become future-ready.
We see that the IT services industry is still expected to grow year-on-year in 2024, but at a lower rate than in 2022. The decline in growth is most pronounced in IT consulting and implementation services. This slowdown is due to a number of factors, including economic downturns, geopolitical tensions, and rapid technological changes.
Generative AI (Gen AI) is one of the most promising new technologies in the IT sector, and companies are using it to explore new markets and opportunities. It’s a rapidly growing field with a major impact on the software services industry. It is enabling companies to explore new markets and opportunities that were previously inaccessible. Some of the ways that Gen AI is being used in the software services industry include:
- Content creation: Marketing companies and agencies are using Gen AI to generate diverse and tailored content based on demographics and regions.
- Translation: Gen AI is being used to translate text from one language to another, which is a booming field.
- Education: Gen AI is being used to create personalized learning experiences for students.
- Financial services: Gen AI is being used to provide financial advice and recommendations to customers.
Gen AI is a powerful tool that can be used to improve efficiency, productivity, and customer satisfaction. However, it is important to use Gen AI responsibly and ethically. It is also important to remember that Gen AI is a tool, and it is not a replacement for human intelligence.
In the video, Sameer Karsale also emphasizes the importance of soft skills for IT professionals in the current market. He believes that communication, collaboration, and problem-solving skills are more important than ever before. He also highlights the need for IT professionals to stay up-to-date with the latest technologies and trends. By investing in their skills and knowledge, IT professionals can position themselves for success in the ever-changing IT landscape.
Small and midsized software services companies can prepare for the future by being more agile and resilient, investing in emerging technologies, and prioritizing customer value and retention.