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

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.

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.