The India IT & Business Services market is likely to grow annually by 6.9% to US$ 13.3 billion* by December 2019, according to the International Data Corporation (IDC) Worldwide Semiannual Services Tracker – 1H19. IDC forecasts that the IT & Business Services market is further expected to grow annually by 6.8% to be valued at US$ 14.2 billion by December 2020.
The IT Services market contributed 77% in 1H19 and is further expected to expand to US$10.2 billion by December 2019, growing at 7.2% annually. IDC further expects that the IT Services market will grow at a CAGR of 8.2% between 2019-2023, to be valued at US$14.0 billion by the end of 2023.
IDC classifies the IT Services market into three Primary Markets – Project Oriented, Managed Services, and Support and Training. For 1H19 (January – June 2019), Project-Oriented Services was the largest segment, followed by Managed Services, and Support Services. 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. Hosting Infrastructure Services and Hosted Application Management continued to register high growth rates in 1H19, further followed by IT consulting and Application Management.
