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Indian IT services records 7.4% growth in second half of 2022.
The Indian IT business services market reached USD 7.15 billion and recorded a 7.4 percent year-over-year (YoY) growth in the second half of 2022, compared to 6.4 percent in the same period last year, an IDC report said..
The IT & Business Services market is projected to grow at a CAGR of 8.3 percent between 2021-2026 and reach USD 20.5 billion by the end of 2026.
Of the IT and business services market, the IT Services market contributed 78.5 percent and grew by 8.1 percent in the first half, compared to the 7.3 percent growth in 1H 2021.
Apart from digital transformation initiatives, there is also a rise in discretionary spending, as IT investments put on hold due to the pandemic have resumed.
According to the IDC, more than 60 percent of Indian organisations plan to increase their budgets across all business and IT services contracted from professional service providers as a service provider can best support their business and IT.
