It would be an understatement to say that the Information Technology (IT) is having an enormous influence on today's global economy. It would be more appropriate to say that IT is now close to becoming the most important driver of the global economy. The competitiveness of a country's economy and well being is getting closely aligned to its ability to innovate and participate in the IT industry.
While the industrial revolution was initiated in the labor-intensive manufacturing industry by automotive pioneers like Ford, it is clear that the third revolution is driven by the knowledgebased services sector.
In the last decade we have begun to see a new revolution- the information revolution. This paper focused on Importance of IT, Business Transformation, Impact of IT on economy and various sectors.
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