Indian IT sector likely to hit $350 billion by 2026, says McKinsey report

The Indian information technology (IT) industry is expected to touch $300-350 billion in terms of revenue over the next five years, McKinsey has stated in its yet-to-be-released report. This means the industry will clip a growth rate higher than the 7.5 per cent that it has been growing in the last five years. Part of the report finding were discussed at the ongoing Nasscom Technology Leadership Forum.
Cloud and digital services will drive this growth, taking their total share to 50 per cent from the current 30 per cent. The McKinsey report also states that the digital and Cloud services segment is expected to be a $700-billion opportunity. Further, it adds that growth in Cloud and digital will witness an accelerated decline in the traditional services at 8-10 per cent per annum, compared to the 3-4 per cent seen in the last five years.