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India's IT Services Market Grows
August 2024
|DQ Channels
The moderation in growth rate is due to Indian enterprises remaining cautious of their IT spending due to volatile macroeconomic conditions, according to market research
In 2023, the Indian domestic IT & Business Services market was valued at $14.5 billion and recorded a 6.1% year-over-year (YoY) growth as compared to 7.4% in 2022, according to IDC’s Worldwide Semi-annual Services Tracker. The moderation in growth rate is due to Indian enterprises remaining cautious of their IT spending due to volatile macroeconomic conditions.
Some Figures
Of the IT & Business Services market, the IT Services market contributed 78.4% and grew by 6.6% in 2023 compared to the 8.1% growth in 2022. The IT & Business Services market is projected to grow at a CAGR of 7.3% between 2023-2028 and reach US$ 20.7 billion by the end of 2028.
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