The global IT and business services market is expected to grow by 5.6 percent in 2022, representing an increase of 160 basis points from the 2021 forecast, according to IDC.

The market will continue to expand throughout the next few years at a rate of 4-5 percent, representing an overall increase of 40 to 80 basis points each year, pushing the market's long-term growth rate to 4.6 percent.

Asia-Pacific's growth outlook improved by 0.9 percentage points in 2022, largely due to China and other developed Asian markets like Australia, Japan, Singapore, and South Korea.

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"The improved market view reflects robust 2021 bookings and pipelines by several large services providers, an improved economic outlook (compared to the previous forecast cycle), and inflationary impact on the services market, offset slightly by the negative impact of the Ukraine/Russia conflict," the report noted.

The Americas services market is forecast to grow by 5.3 percent in 2022, up 150 basis points from the October 2021 forecast, owing to a faster economic rebound and the impact of inflation.

"While Europe is the most impacted region by the ongoing Ukraine/Russia conflict, we remain sanguine on the region," it added. However, Russian and Ukrainian markets will shrink significantly this year.

The Middle East and Africa (MEA) growth prospects for 2022 and 2023 have also been used by 250 and 100 basis points, respectively.

Source-IANS

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