Indian Economy News

Indian IT, business services market grew 7.4% in first half of 2022: Study

  • IBEF
  • November 16, 2022

According to a survey released on Tuesday, businesses investing in digital transformation helped India's IT and business services industry grow 7.4% in the first half of 2022, compared to 6.4% in the same period in 2021.

According to International Data Corporation (IDC), the country's market for IT and business services was estimated to be worth US$ 7.15 billion between January-June of 2022. Compared to the first half of 2021, when IT services grew by 7.3%, they expanded by an even greater 8.1% in the first half of 2022.

According to IDC, the IT and business services market will expand rapidly as businesses continue to invest in digital transformation, and it will not be significantly impacted by any economic slowdown.

According to IDC's Worldwide Semi-annual Services Tracker, the IT and business services market will expand at a compound annual growth rate (CAGR) of 8.3% between 2021-26, reaching a valuation of US$ 20.5 billion by the end of 2026.

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