Covid-19 may slow India IT and business service growth to 6.5% in 2020: IDC

The Indian IT and business services market is expected to grow annually by 6.5 per cent to reach $14 billion by December 2020, with some impact from the ongoing Covid-19 pandemic, according to research firm International Data Corporation.

The IT and business services market grew by 8 per cent annually in the second half of 2019, according to IDC Worldwide Semiannual Services Tracker-2H19. The Indian software services industry body, National Association of Software and Services Companies (Nasscom), stopped providing a current year growth projection for the industry from 2019.

In FY2019-20, the IT-BPM (domestic and overseas) grew 7.7 per cent.

According to IDC’s research, the IT Services market contributed 76.3 per cent of the IT and business services market in second half of 2019 and grew by 8.5 per cent year-over-year during the same period.