The Indian IT and Business Services market increased 6.4 percent year-over-year to $6.96 billion in the first half of 2021, according to IDC.
The increase in growth rate was primarily due to the continued focus on digital transformation initiatives by enterprises in the country.
“Verticals like government and manufacturing, which delayed IT investments in 2020, hiked up their IT spend in 1H2021, and enterprises in the country continued to increasingly depend on IT service providers for solutions in areas like cloud, security, artificial intelligence, analytics, etc,” said Harish Krishnakumar, Senior Market Analyst, IT Services, IDC India.
IT Services market contributed 78 percent and grew 7.3 percent in 1H2021 compared to the 5.7 percent growth in 1H2020.
IT & Business Services market will witness an increased momentum in the upcoming cycles due to the revival of the economy and continued increased spending in areas like cloud, security, artificial intelligence, etc. The IT & Business Services market is projected to reach $19.93 billion by the end of 2025, growing at a CAGR of 8.2 percent between 2020-2025.
