China's software, IT services industry hits US$292B

China's software, IT services industry hits US$292B

Summary: Country's software and IT services revenue grows 32.4 percent year-on-year in 2011 on back of the economy's steady growth and rising demand from domestic and global markets, report states.

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China's software and IT services industry grew 32.4 percent in revenue in 2011, as software exports and outsourcing due to rising customer demands helped boost the market.

According to a report by Chinese news site Xinhua on Sunday, the country's software and IT services raked in 1.84 trillion yuan (US$292.2 billion) last year, and the growth was 4.4 percent higher than the industry's average growth rate during 2006 to 2010.

Citing a report by China's Ministry of Industry and Information Technology (MIIT), the report also stated that software exports increased 18.5 percent from 2010 to US$30.4 billion, while software outsourcing spiked 40.3 percent to US$5.9 billion. The overall IT outsourcing sector expanded by 39.5 percent during the same timeframe to hit 383.5 billion yuan (US$60.9 billion), it noted.

The strong showing was due to the "economy's steady growth" as well as "rising demands from domestic and global markets", the report said.

Topics: IT Employment, Apps, CXO, Outsourcing, Software, China

Kevin Kwang

About Kevin Kwang

A Singapore-based freelance IT writer, Kevin made the move from custom publishing focusing on travel and lifestyle to the ever-changing, jargon-filled world of IT and biz tech reporting, and considered this somewhat a leap of faith. Since then, he has covered a myriad of beats including security, mobile communications, and cloud computing.

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