IT and Business Services market forecast for 2020: IDC

India’s IT & Business Services market is likely to grow at 6.9 percent to $13.3 billion in 2019, according to IDC.
IT services India companies
IDC forecasts that the IT & Business Services market in India is expected to grow at 6.8 percent to $14.2 billion in 2020.

The IT Services market contributed 77 percent in H1 2019 and is further expected to expand to $10.2 billion by December 2019, growing at 7.2 percent annually.

IDC expects that the IT Services market will grow at a CAGR of 8.2 percent between 2019-2023 to $14.0 billion in 2023.

The highest revenue generating segment in IT Services market will be Systems Integration in H1 2019, on account of the shift towards modernized infrastructure and applications.

Hosting Infrastructure Services and Hosted Application Management will clock high growth rates in 1H19, further followed by IT Consulting and Application Management.

Vendors are leveraging emerging technologies such as Artificial Intelligence (AI), Advanced Analytics, Machine Learning to position themselves as the trusted digital transformation partner, said Shweta Baidya, senior research manager, Software and IT Services, IDC India.

The government as well as leading organizations have already taken steps towards reskilling the IT/ITeS workforce of the country, and this is expected to further increase,” said Garima Goenka, market analyst, IT Services, IDC India.