During the latter half of the twentieth century, information and communication technologies (ICT) changed the character of national economies and human lives in an unprecedented manner. ICT relegated agriculture, industry, and a host of services to lesser significance and promoted itself as the main engine of economic growth and improved lifestyles, across the globe. Today, information technology (IT) is practically inseparable from ICT.IT industry comprises of the hardware, software, and related services. Developed countries, lead by the USA, Japan, Germany, UK, Canada, and France, have been the main IT markets. Hardware product sales, which accounted for about 50% of the IT revenues worldwideSoftware and services comprise of i) Packaged software products ii) Professional services and iii) Operation / back-office services. In the beginning, hardware companies themselves were developing the required operation and application software programs and also undertaking installation/maintenance services for hardware/software. This was followed by the growth of service providers for customized software development, data processing, installation, systems integration, training, and maintenance.The explosive growth in the usage of personal computers and the Internet as well as the revolution in telecommunications technology during the 90s fuelled the demand for customized software development and other services. In the face of inadequate supply of qualified and trained manpower locally on the one hand, and their mounting costs on the other, and with data transmission from anywhere in the world made possible by the strides in communications technology, competitive forces in the market created the phenomenon of outsourcing and off-shoring. This trend continues today.