According to a recent study by IDC, the IT and business services market in India is expected to reach $13 billion by the end of 2020, growing at a rate of 5.4 per cent per annum.
As per IDC, during the first half of 2020, the India IT and business services market grew by 5.3 per cent (year-on-year) as compared to the 8.9 per cent growth in the first half of 2019.
As far as only IT Services market is concerned, the segment contributed 77.4 per cent in the first half of 2020 and grew by 5.9 per cent (year-on-year) compared to the 9.3 per cent growth recorded in the first half of 2019.
The IDC study also noted that 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 and will be valued at $13.4 billion by the end of 2024.
