Globalization Definition:

Globalization is an umbrella term. It represents a lot of things simultaneously. However, in the context of technology, it has a completely different meaning. It refers to the sudden growing interdependence of one another strictly in the sense of IT and other hi-tech products.

It facilitates the manufacture and marketing of goods and services relating to technology in one country and the same can be transported to other nations as well.

In other words, it is a global initiative and cross-country trading in goods and services irrespective of barriers of countries. It can involve the regular flow of IT-related products and software supply and other hi-tech products.

Features of Globalization:

• It integrates the local market to particular products like software, hardware, and other IT-related products (or any other product)
• It is directly related to exports
• It follows norms of the World Trade Organisation
• It often enjoys tax benefits

Functions of Globalization:

• Making goods and services available at a cheaper price worldwide
• Making available foreign funding or investments
• Promoting multilateral trading involving several goods and services and several countries
• Facilitating formatting an international specification for goods and services to make them universal or being able to get adopted universally

 Benefits of Globalization:

• New trade zones are created
• Global market mobilization for smaller companies and start-ups in IT-spectrum, chips manufacturing, and software

Utilities of Globalization:

• Local markets get globalization providing a major benefit to start-ups and other smaller companies who have the expertise yet lack an international approach.
• Developing countries can utilize this opportunity to augment their national income.
• Professionals and specialists in the IT sector and software realm can utilize this benefit to go abroad to join prominent global companies.

Conclusion:

Globalization helps local geographically-based or city-based economies to grow exponentially. The start-up and smaller companies can emerge as major global players in a space of time.