Indian IT & Business Services market grows 5.41% to $13.4 bn in 2020: IDC

The IT and Business Services market in the country recorded a lower year-on-year growth of 5.41 per cent to USD 13.41 billion in 2020 due to the impact of the COVID-19 pandemic on organisations, research firm IDC said on Tuesday.

However, the IT and Business Services market is expected to grow at a CAGR of 7.18 per cent between 2020-2025 and touch nearly USD 19 billion by the end of 2025 on the back of increased spending in areas like cloud and artificial intelligence.

The Indian IT and Business Services market had grown by 8.43 per cent in 2019, but the growth rate fell in 2020 due to the impact of the COVID-19 pandemic on businesses in the country, as per IDC Worldwide Semi-annual Services Tracker.