Technology has become one of the core growth drivers of the 21st century. Pakistan is comparatively new in the global software development domain. Pakistan is the third-ranked country with the most number of IT freelancers, after the US and India. Top B2B Companies Asia 2019 report by industry research firm Clutch validates the continued progress of Pakistan in the Information Technology vertical worldwide.
Pakistan establishing as new Information Technology Leader
Asia’s new technology force Pakistan has achieved the highest number of positions of a country in the list released by Clutch. The country faces several challenges in competing with an already thriving global market of software technology. Despite these overwhelming odds, Pakistan’s progressing software industry has tremendous opportunities for growth and advancement.
With the help of Offshore Software Development Services, Pakistan’s ever-growing software industry benefits from not only local projects, but also touches the international market, increasing the depth of clientele for their firms. Consequentially, one of the top-rated firms based in Pakistan, Techliance, has reported having catered to over 80 clients all over the world, providing more than 400 IT solutions in just over 10 years.
Clutch’s report on Top B2B Companies Asia for 2019
The role of technology and software development in industries all over the world has been immense. So much that it has changed the dynamics of a country’s economic progression. Clutch, one of the leading B2B rating and reviews firm, carries out research to annually provide the most highly rated B2B companies across the world.
B2B research firm Clutch rates companies with regards to the services they offer, reviews of their clients, market presence and their industry leadership. Clutch has released their researched list of the Top B2B Organizations in Asia and the Middle East for 2019, who provide IT services. Pakistan with 77 companies in the list, has emerged as one of the IT industry leaders in Asia and the Middle East region.
It is all in the Numbers
The tremendous growth of Pakistan’s IT industry can be recognized from its contribution to its economy. The software exports of Pakistan were approximately $100 million in 2003. Since then, their software industry has achieved an export growth factor of 22, rising to exports valuing $2.2 billion in 2015. This figure may be low as compared to those of more advanced IT countries. However, Pakistan’s IT growth factor in the period of just 12 years is commendable.
Over and above, Pakistan’s software industry has demonstrated even better growth trends for the last four years. During 2016-17, Pakistan’s IT exports were $3.3 billion, that have now climbed to $5 billion. Current growth rates indicate that technology exports of Pakistan will exceed the $11 billion mark within the next 5 years.
Top B2B Companies Asia research by Clutch a Recognition of Pakistan’s IT Growth
Emerging as a country leading in providing Custom Software Development Services, Pakistan’s IT industry has repeatedly won international awards and recognition at international forums, earning a good name for the country. Some of these awards include GSMA Awards, Spectrum for Mobile Broadband (2015) and Government Leadership Award (2017).
One of the Pakistani firms identified by Clutch in the top B2B companies for both 2018 and 2019, Tkxel is also identified as the “Fastest Growing IT Company in the Region” and “Best IT Consulting Company” in Pakistan. Tkxel expertly designs, develops, and deploys the smartest solutions for the world’s leading companies. Its clientele includes NBC Universal, Nokia, and Barclay. Just in 10 years of experience, the company has achieved numerous rewards including “Forbes Official Member 2019”, “Reliable Company Verified by Extract”, and among the Top Custom Software Development Companies by GoodFirms.
With the help of such influential companies, Pakistan’s market for computer software has seen steady growth for the past several years. The country’s IT sector has earned a total revenue of $4.1 billion and remittances of the industry have surged by 9.9% during the fiscal year 2018-19 and according to the Pakistan Software Export Board (PSEB), the total size of the software sector is approximately $6.5 billion, which is expected to grow at least 3.5 percent in the next five years. This software sector comprises of 5000 Pakistan based IT firms which provide IT products and services to organizations in 100 countries.
Through these Remote Software Solutions Providers, the IT sector has contributed significant foreign exchange to Pakistan’s economy in the process. Their IT sector’s share in the total exports now accounts for 3.5 percent, which is more than double from being 1.3 percent in 2006. Moreover, in the past few years, more than 134 IT companies in Pakistan got certifications in ISO 9001, ISO 20001 and ISO 27001, helping them to generate more IT revenue through international projects.
Some noteworthy IT firms in Pakistan
In this way, another highly rated Pakistan based technology firm, Arbisoft is a provider of digital applications and data solutions. Also exchanging hands with huge names is TinTash, which provides services to BBC Worldwide and was listed in the Top 30 Web Development Companies by TechReviewer.
Similarly, Techliance has created a global customer blueprint by offering flawless mobile, web and app-based solutions in a variety of technological platforms. Techliance runs on an outsourcing model but serves as a technology partner to its customers by providing end-to-end solutions that are seamless with multi-tenancy capacity.
The software industry of Pakistan has been able to make valuable impacts on the global technology market. It continues to provide innovative software solutions and technically sound IT experts, both to the local and global markets. However, the country is capable of making a much stronger, innovative, and technically sound contribution.
Pakistan a major Destination for Offshore Software Development
IT professionals in Pakistan are increasingly being used as freelancers on international projects by organizations worldwide. As per the latest report, Pakistan is ranked 3rd after the US and India in terms of freelancers providing Outsourced Software Development Solutions. This is a positive shift from being ranked 5th just two years ago.
Pakistan provides an ideal platform for software development and Offshore Software Development Services. This potential has been supported by cheap skilled labor and the availability of world-class IT graduates. Their IT sector is carving a niche for itself as a favored place to go for freelance software programmers, UI/UX designers, quality assurance engineers, and Digital Marketing experts. There are now 1,500 registered IT companies in Pakistan. Every year 10,000 fresh IT grads enter Pakistan’s IT market.
The stellar growth of the IT sector in Pakistan and its technology exports have consistently ranked the country among the top destinations for IT outsourcing. Huge achievements by Software firms in Pakistan enable the country to grow even further in this domain. As a result, those companies are rewarded by recognition. Such is the case of Cubix, a firm that is part of Clutch’s top-rated B2B companies Asia for 2019. The company is also listed in the “Top Mobile App Developers 2019” by GoodFirms and “Top Mobile App Development Companies 2019” by Appfutura.
Promising Future for Pakistan’s Software Industry
The IT industry of Pakistan has been growing remarkably for the past decade or so. Pakistan is rated as the 4th most popular country for freelancing in the Online Labor Index published in 2017 by Oxford Internet Institute (OII) and also ranks in the upper 10 to 25 percent on Upwork’s listing of growth rates for top-earning countries, alongside India, Canada, and Ukraine. What other countries have achieved in 15-20 years, Pakistan’s technology scene is poised to achieve in less than a decade.
Pakistan’s emerging IT market is turning all heads in a dramatic way. It is time Pakistan became a recognized IT market leader with some of the high-end potential technology companies dominating the offshore software development solutions.
If you are looking for IT product development, then look no further than Techliance – a forerunner in providing top IT solutions and a notable mention in Clutch’s listing as well. Discuss with Techliance in detail about your product idea and grab a free quotation today.