The Information Technology industry is no more a business sector that would produce outsized returns. According to Thomas M. Siebel ,chairman of First Virtual Group, “ the promise of the post-industrial society has been realized ” , and the future businesses should address food, water, health care and energy sectors.
As a part of his analysis , Siebel adviced IT students to opt for a different specialisation.He was quoted saying , “if I were graduating today, I would get on a boat and I would get off in Shanghai.” The glorious years of IT industry were from 1980-2000 when spending on IT grew at an annual rate of 17 percent as opposed to 3 percent observed now. Hereafter , no new technological advances would help replace the computer technology we already have.
The technical needs of most of the industries have been satisfied to a large extent and any new innovations in this sector are expected to be few.