How Indian companies helped IT companies beat sales blues

In the first half of the year 2022 (Jan-June 2022), the Indian domestic IT and business services market was valued at $7.15 billion and recorded a 7.4% year-over-year (YoY) growth compared to 6.4% during the same time period in 2021, according to the International Data Corporation’s (IDC) Worldwide Semi-annual Services Tracker. The higher growth rate is due to the continuing rise in digital transformation investments among Indian enterprises.

Of the IT & business services market, the IT Services market contributed 78.5% and grew by 8.1% compared to the 7.3% growth in the same months in 2021. Further, as per IDC, the IT & Business Services market is poised to record strong growth in the upcoming years, as enterprises are expected to continue with their digital transformation investments and will not face a considerable impact due to the economic slowdown. The IT & Business Services market is projected to grow at a CAGR of 8.3% between 2021-2026 and reach $ 20.5 billion by the end of 2026.