India’s IT, business services market to hit $13 billion by December: IDC

India’s IT and business services market is expected to grow 5.4 per cent annually to reach $13 billion by December this year, research firm IDC said.

The segment grew 5.3 per cent year-on-year (y-o-y) in January-June (H1) 2020 period as compared to 8.9 per cent growth in H1 2019, IDC said in a report.

Of the IT and business services market, the IT services market contributed 77.4 per cent in H1 2020, growing 5.9 per cent y-o-y as compared to 9.3 per cent growth in the year-ago period.

“IT services market will begin picking up momentum gradually from 2021 onwards and is projected to grow at a CAGR of 7.2 per cent between 2019-2024, to be valued at $13.4 billion by the end of 2024,” it said.

This reduced rate of growth in the IT services market in India is due to the COVID-19 pandemic, IDC added.