According to the IDC, the IT Services market will begin picking up momentum gradually from 2021 onwards and is projected to grow at a CAGR of 7.2 per cent between 2019-2024, to be valued at $13.4 billion by the end of 2024
The IT and Business Services market in India is expected to grow annually by 5.4 per cent to reach $13 billion by the end of the year, an IDC report said on Wednesday. In the first half (January-June period), the India IT and Business Services market grew by 5.3 per cent (on-year) as compared to the 8.9 per cent growth in the first half last year, according to the IDC's 'Worldwide Semiannual Services Tracker-1H20'.
When it comes to only IT Services, the market contributed 77.4 per cent in the first half this year and grew by 5.9 per cent (on-year) compared to the 9.3 per cent growth in 1H2019.
"In 1H20, the role of IT Services vendors gained higher prominence, as organisations increasingly approached them to help ensure business continuity by putting in place various technologies, solutions, best practices and frameworks," said Garima Goenka, Market Analyst, IT Services, IDC India.
Apart from ensuring business continuity, the role of IT service providers have also been towards helping organisations to achieve a higher degree of tech resilience, adaptability and digital transformation maturity, to become future-ready. According to the IDC, the IT Services market will begin picking up momentum gradually from 2021 onwards and is projected to grow at a CAGR of 7.2 per cent between 2019-2024, to be valued at $13.4 billion by the end of 2024.
IT investments across all the major sectors such as BFSI, healthcare, telecom, IT/ITeS, government and manufacturing increased considerably to improve overall experience and maintain business continuity and resiliency," said Shweta Baidya, Senior Research Manager, Enterprise Software and ICT Services, IDC India.