IT and Business Services market records 5.41% growth to $13.41 billion in 2020: International Data Corporation
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Research firm IDC has said that the IT and Business Services market in the country recorded a lower year-on-year growth of 5.41 percent to $13.41 billion in 2020 due to the impact of the COVID-19 pandemic on organisations. However, the IT and Business Services market is expected to grow at a CAGR of 7.18 percent between 2020-2025 and touch nearly $19 billion by the end of 2025 on the back of increased spending in areas like cloud and artificial intelligence.
As per IDC Worldwide Semi-annual Services Tracker, the Indian IT and Business Services market had grown by 8.43 percent in 2019, but the growth rate fell in 2020 due to the impact of the COVID-19 pandemic on businesses in the country.
Of the IT and Business Services market, the IT Services segment contributed 77.06 percent and grew by 5.97 percent in 2020. This is against a growth rate of 8.91 percent in 2019. As per IDC, the IT and Business Services market will begin picking up momentum gradually from 2021 onwards due to increased spending in areas like cloud, application modernisation, AI, automation etc.
