According to PricewaterhouseCoopers India (PwC India), the Indian IT industry is likely to grow by 11-12 per cent in financial year 2013, say news reports.
The analyst firm says that the built-up demand for information technology products and solutions, geographical diversification and focus on niche service offerings will help drive the industry in 2013. Further, increased technology adoption by the Indian government would also drive domestic revenue growth for the space.
As per PwC, in 2011-12, the Indian IT industry crossed the $100-billion revenue mark. However, the industry is currently going through a challenging phase, largely owing to the macro-economic scenario in key markets such as the United States and the United Kingdom, currency volatility, domestic policy paralysis, lower spend on IT and long sales cycle impacted by slow decision-making at the customer’s end.
Owing to these challenges, a lot of projects have slowed down in the last couple of quarters and have impacted the sector’s growth prospects. In the year 2013-14, growth in the IT industry would be driven by technologies like social media, cloud, mobility and analytics.
