IDC forecasts that Indian IT & Business Services market is expected to grow 6.5 percent to $14 billion in 2020.
IT Services market will grow at a CAGR of 7.6 percent between 2019-2024, to be valued at $14.6 billion by the end of 2024. The COVID-19 pandemic has resulted in a slowdown in the overall economy, and also in the IT Services market.
The India IT & Business Services market grew by 8 percent. Of the IT & Business Services market, the IT Services market contributed 76.3 percent in 2H19 and grew 8.5 percent in 2H19.
“Organizations are expected to use current learnings to prepare for future business disruptions by adopting a Business Continuity Plan (BCP) that includes migrating their business operations to digital infrastructure and platforms,” said Garima Goenka, market analyst, IT Services, IDC India.
“Long-term managed services contracts are expected to continue despite lock downs, as IT vendors find innovative ways to continue servicing their customers. Vendors have created emergency response teams and are leveraging automation tools and AI to provide service to their employees and customers,” said Shweta Baidya, senior research manager, Software and IT Services, IDC India.