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IT services market grows by 7.3% in first half of 2021
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SME Times News Bureau | 10 Nov, 2021
The Indian IT services market grew by 7.3 per cent in
the first half of 2021, compared to the 5.7 per cent growth in the same
period last year, as enterprises continued to invest in digital
transformation initiatives, a new report showed on Wednesday.
Overall,
the Indian IT and business services market was valued at $6.96 billion
and recorded a 6.4 per cent year-over-year (YoY) growth in the
January-June period, compared to 5.1 per cent in the first half of 2020,
according to the International Data Corporation's (IDC) worldwide
semi-annual services tracker.
"Verticals like government and
manufacturing, which delayed IT investments in 2020, hiked up their IT
spend in H1 2021, and enterprises in the country continued to
increasingly depend on IT service providers for solutions in areas like
cloud, security, artificial intelligence, analytics, etc.," said Harish
Krishnakumar, senior market analyst, IT Services, IDC India. The
IT and business services market is projected to reach $19.93 billion by
the end of 2025, growing at a CAGR of 8.2 per cent between 2020-2025,
the report said.
"H1 2021 turned out to be the year that
showcased enterprise resiliency strengthen at a remarkable pace. Most
enterprises witnessed a bounce back with business reaching the
pre-pandemic situation," said Shweta Baidya, senior research manager,
enterprise software and ICT services, IDC India.
While large
enterprises continued to take long strides towards transformation
initiatives, the mid-market segment adopted a cautious approach towards
technology investments, with a focus on investments that provided quick
returns in the form of customer acquisition, talent retention or
financial returns, she added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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