India IT services industry hits $14 bn as firms step-up digital transformation

The Indian information technology (IT) industry increased 7.2% YoY in 2021, up from 5.3% the previous year, as more local enterprises adopted digital transformation projects. The domestic IT services business was valued at US$ 14.15 billion in 2021, according to a survey by market research firm International Data Corp. (IDC). With an estimated compound annual growth rate (CAGR) of 8.9%, the domestic IT services industry is expected to reach US$ 21.67 billion in value by 2026. 

Adoption of new technologies such as cloud platforms, AI-based services, cyber security, and application modernization contributed to the rise of IT services last year. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.