Saturday, January 18, 2020

India IT services & business market to hit $13.3bn this year

Must Read

‘Women must cooperate with rapists’ Filmmaker triggers row

Recent sexual assault, gang rape, murder cases have indeed shocked the nation looking at the degree of heinousness. But what...

LinkedIn sees 20 times growth in 10 years in India

New Delhi: As its fastest-growing market outside the US, LinkedIn’s member base in India has seen a 20 times...

Wakefit Internship: Sleep for 9 hours daily to earn Rs 1 lakh

Bengaluru: While NASA pays people about $19,000 (nearly Rs 14 lakh) to lie in bed for two months as part...

NEW DELHI: Led bt system integrators, the India IT services and business market is likely to grow annually by 6.9 per cent to hit $13.3 billion by the end of this year, an IDC report said on Wednesday.

According to the IDC’s ‘Worldwide Semiannual Services Tracker – 1H19,” the IT and Business Services market is further expected to grow annually by 6.8 per cent to be valued at $14.2 billion by December 2020.

- Advertisement -

The highest revenue generating segment in IT Services market continued to be Systems Integration in 1H19, on account of the shift towards modernized infrastructure and applications.

“Vendors are investing heavily on re-skilling and upskilling their workforce to gain confidence and drive more business across major verticals such as BFSI, government and manufacturing, among others,” said Shweta Baidya, Senior Research Manager, Software and IT Services, IDC India.

Vendors and start-ups are also partnering with each other to create innovation hubs, share ideas and collaborate to achieve greater synergy, through transformational projects.

The IT Services market contributed 77 per cent in 1H19 and is further expected to expand to $10.2 billion by December 2019, growing at 7.2 per cent annually.

IT Services market will grow at a CAGR of 8.2 per cent between 2019-2023, to be valued at $14 billion by the end of 2023.

“The need of the hour is quick and effective adaptation to the new digital environment, which can be achieved through the development of new skills for executing complex models in IoT, AI, ML, blockchain, data science and robotics.

“The government as well as leading organizations have already taken steps towards reskilling the IT/ITeS workforce of the country, and this is expected to further increase,” said Garima Goenka, Market Analyst, IT Services, IDC India.

Check out more stories at The Siasat Daily

- Advertisement -
- Advertisement -

Latest News

‘Women must cooperate with rapists’ Filmmaker triggers row

Recent sexual assault, gang rape, murder cases have indeed shocked the nation looking at...

LinkedIn sees 20 times growth in 10 years in India

New Delhi: As its fastest-growing market outside the US, LinkedIn’s member base in India has seen a 20 times growth in 10 years, from...

Wakefit Internship: Sleep for 9 hours daily to earn Rs 1 lakh

Bengaluru: While NASA pays people about $19,000 (nearly Rs 14 lakh) to lie in bed for two months as part of its space study, a...

IBL: Nikhat Zareen inspires NE Rhinos to rally against Brawlers

Her win breathed life into NE Rhinos' faltering campaign NOIDA: NE Rhinos’ Nikhat Zareen drew from the reserves of her energy and skill to edge...

Trupti Desai detained from outside Telangana CM’s residence

Hyderabad: Women rights activist Trupti Desai along with other protestors were on Wednesday detained by the police from outside Chief Minister K. Chandrashekar Rao’s...

More Articles Like This