India’s IT and business services market to reach $13 billion by December 2020: IDC – Business News , Firstpost

IDC expects India’s IT and Business Services market to get better and develop after the decline because of the pandemic.

Research agency IDC (International Data Corporation) expects India’s IT & Business Services market in India will develop by 5.Four % yearly to reach US $13 billion by December 2020. The IT & Business Services market grew by 5.three % 12 months-on-12 months in 1H 2020 (January-June 2020) as in contrast to the 8.9 % progress in 1H 2019. Reduced progress is the results of the pandemic. Of the IT & Business Services market, the IT Services market contributed 77.Four % in 1H 2020 and grew by 5.9 % YoY in 1H 2020 in contrast to the 9.three % progress in 1H2019.

Further, as reported by IDC, the IT Services market will start choosing up momentum regularly from 2021 onwards and is projected to develop at a CAGR (Compound Annual Growth Rate) of seven.2 % between 2019-2024, to be valued at US $13.4 billion by the top of 2024.

“In 1H20, the role of IT Services vendors gained higher prominence, as organizations increasingly approached them to help ensure business continuity by putting in place various technologies, solutions, best practices and frameworks. During these difficult times, organizations were investing higher in collaboration applications, VPN licenses, endpoint devices, cybersecurity solutions, cloud, AI, and automation. Apart from just ensuring business continuity, the role of IT service providers have also been towards helping organizations to achieve a higher degree of tech resilience, adaptability, and DX maturity, to become future-ready.” mentioned Garima Goenka, Market Analyst, IT Services, IDC India.

“Additionally, most leading IT Service vendors have launched innovative AI-based applications to help the government and healthcare sectors to provide citizen services and answer COVID-19 associated queries, and for organizations to make sure the protected and safe return of their workers to the office,” Goenka added.

“Enterprises strongly felt the need for advisory and support services to propel their digital journey amidst the pandemic. As a result, IT service providers witnessed a strong surge in demand for various services such as systems and network management, IT Consulting, hosting application management and hosting infrastructure services, among others. IT investments across all the major sectors such as BFSI, healthcare, telecom, IT/ITeS, government and manufacturing increased considerably to improve overall experience and maintain business continuity and resiliency,” mentioned Shweta Baidya, Senior Research Manager, Enterprise Software and ICT Services, IDC India.

“The government also relaxed some of the stringent guidelines that IT sector had to adhere to, prior to COVID-19 . The new rules provide increased flexibility with respect to work from home/ anywhere policies and has also modified some of the existing guidelines to augment the growth in the sector,” added Baidya.

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