Myths Vs. Facts: Is Bangladesh’s Offshore IT Industry Invest-Worthy?
Bangladesh is recognized for its ethereal landscapes, friendly people, colorful culture, and vast, growing textile industry. But there is another emerging industry that is steadily adding up to the overall GDP of Bangladesh in recent years — that is the industry of offshore IT services in Bangladesh.
There are many myths regarding this sector; all the misconceptions and misunderstandings are erased one by one in this blog.
Let’s delve deep!
Busting the Myths about Bangladesh’s Offshore IT Industry
There is a general misconception that Bangladesh is far behind India in securing a steady place in the offshore IT services industry. But that’s not true — Bangladesh’s offshore IT industry has been growing fast and stable since 2011. That’s why prominent big names in the tech industry are investing in Bangladesh for quality offshore IT services.
Bangladesh’s offshore IT market is an industry worth $900+ million as of 2021. In a recent study, it was revealed that there are approximately 200+ companies that export their IT and software products to over 30 countries. The key exporting regions for offshore IT services are North America, Europe, East Asia, East Asia, and Japan.
Also, a few joint-venture offshore IT and software services companies have secured a steady place in the overseas market. They are operated by entirely foreign investment as an offshore IT and software development hub.
Why Are Tech Giants Investing in Bangladesh’s Growing Offshore IT Industry?
Tech giants like Google, Panasonic, Sony, and NTT Docomo now trust Bangladesh to avail offshore IT services. Because of the skilled workforce and continuous support for the Government, Bangladesh is becoming one of the leading magnets for quality offshore IT and software services.
Here are the key reasons why the world’s biggest tech giants are choosing to invest in Bangladesh’s growing offshore IT industry -
Robust Offshore IT and Software Market
Bangladesh has a vast market for the offshore IT and software industry. In 2018, the country exported $800+ million IT and software products worldwide. By 2025, the industry is expected to cross the mark of $1 billion.
The growing IT offshore outsourcing market is attracting all the major leads and prospects as the number of skilled resources increases rapidly. So let’s see the resource scenario in the next point.
Young, Skilled and Eager Workforce
Bangladesh ranks higher than others in young population rate — over 30% of the country’s population falls under the working-age groups. Moreover, Bangladesh has over 80 universities that produce almost +2 million graduates in a year — among them, about 15,000 young minds have graduate and postgraduate degrees in IT and software-related areas.
According to BASIS and BACCO, Bangladesh has 30,000+ IT professionals working in its IT and software industry.
There are some misplaced doubts about the quality of education in Bangladesh. But according to Government data, Bangladeshi universities follow the international standard in IT education, and the quality of education is on par with the global metrics.
Language Advantages (English)
Bangladesh is one of the largest English-speaking countries globally as a second language. Also, over 4% of the population (nearly +6.5 million) speaks English proficiently as a second language. The rates are higher than in East Europe and Latin America.
That’s why Bangladesh’s offshore IT and software development industry has become a global pool of talented IT and software resources for the world.
One of the Most Cost-Effective Offshore IT Industry in the World
Bangladesh is one of the most cost-friendly offshore IT industries globally, more than India and the Philippines. Also, Bangladesh’s wages are significantly lower by 20–30% than Sri Lanka, India and the Philippines.
Cost-effectiveness yet industry-standard services is one of the main reasons why Bangladesh’s offshore IT industry has garnered popularity in recent years.
Continuous Support from the Government
The Government of Bangladesh offers attractive incentives to keep the offshore IT services market flowing. From taxation support to building a framework for the development of the country’s ICT sector, the government of Bangladesh is doing their best in fulfilling its vision of Digital Bangladesh.
Major Game Changers in Bangladesh’s Offshore IT Sector
Bangladesh has seen significant IT and software sectors in the last 20 years. But the journey won’t have been possible with some of the notable visionaries of the now-established IT market. Mr Akbar JM — the founder of BJIT, is one of those visionaries who changed the entire IT and software market in the 2000s.
BJIT — Providing Quality Offshore IT Services Worldwide For 20+ Years
BJIT is a leading global provider of offshore IT services in Bangladesh. Starting in 2001, BJIT’s glorious 20 years in the offshore IT industry stretched over 7+ global offices, 750+ talented engineers and developers and 1000+ delivered projects. Recently BJIT has become the official offshore vendor to Google LLC.
List of Offshore IT Services in Bangladesh
Bangladesh provides many offshore IT services throughout the world. Among them, the following are the list of offshore IT services offered by the top companies -
Bespoke Software Development
Bespoke software means customized software solutions tailored to the business’s needs and requirements. Bangladesh exports a large number of bespoke software solutions to the world. Also, BJIT is one of the world’s top global offshore providers of custom software solutions.
Web and App Development
Web and app (both Android and iOS) development are two of the core offshore services that Bangladesh exports. However, cutting-edge website and application development requires a skilled workforce, particularly in the website and mobile environments.
Currently, Bangladesh is offering quality web and app development services comparatively lower than other offshore IT service providing countries.
AI Services
Artificial intelligence (AI) is one of the most sophisticated technological services globally. Bangladesh provides top-notch offshore AI services to the world at an affordable cost — Japan, North America, and Europe are availing of Bangladesh’s offshore AI services in recent years.
Internet of Things
Offshore IoT or Internet of Things services cut down total operation cost — Bangladesh is one of the few countries that has developed the technological capacity to provide hassle-free and quality offshore services to the world. As a result, it is one of Bangladesh’s prominent offshore IT services.
There are only a few CMMI Level 3 and ISO 9001 certified organizations in Bangladesh — BJIT is one of them. BJIT’s agile development method and robust experience make it one of the world’s best offshore IT solutions providers.
