IT, biz services market likely to grow 8%, reach $14.3 bn by 2020: IDC

India’s IT and business services market is likely to grow by over eight per cent to reach $ 13.1 billion by the year-end and expand further to $ 14.3 billion by 2020, according to research firm IDC.

Of the total market, IT services segment contributed about 76 per cent in the second half of 2018, it said in a report.

“The IT services market is slated to reach $ 10 billion by December 2019, growing at 9.1 per cent annually. The Indian government’s higher spending on the Digital India and Smart Cities initiatives, and the increased adoption of next-gen technologies by organizations is driving growth in the IT services market,” the report added.