SME Times is powered by   
Search News
Just in:   • Indian equity indices end slightly lower ahead of RBI's MPC outcome  • J&K’s Kishtwar selected as aspirational agricultural district under PMDDKY  • Indian stock market opens higher as RBI MPC begins  • Mumbai-Ahmedabad bullet train to be fully operational by 2029: Ashwini Vaishnaw  • Nifty, Sensex see sharp decline this week amid H-1B, pharma tariff concerns 
Last updated: 25 Jun, 2024  

It.Thmb.jpg IT & business services market to reach $20.7 billion by 2028: Report

IT.9.jpg
   Top Stories
» Indian equity indices end slightly lower ahead of RBI's MPC outcome
» Indian stock market opens higher as RBI MPC begins
» Mumbai-Ahmedabad bullet train to be fully operational by 2029: Ashwini Vaishnaw
» Nifty, Sensex see sharp decline this week amid H-1B, pharma tariff concerns
» Govt stands shoulder to shoulder with entrepreneurs, PM Modi pitches ‘Make in India’ at UP trade show
IANS | 24 Jun, 2024

The IT and Business Services market in India is projected to grow at a CAGR of 7.3 per cent to reach $20.7 billion by the end of 2028, a report showed on Monday.

Last year, the domestic IT & Business Services market was valued at $14.5 billion and clocked a 6.1 per cent year-over-year (YoY) growth as compared to 7.4 per cent in 2022, according to International Data Corporation (IDC).

The moderation in growth rate is due to Indian enterprises remaining cautious of their IT spending due to volatile macroeconomic conditions, it noted.

Indian enterprises focused on cost optimisation while prioritising IT projects with quicker returns.

They continued to invest in areas like enhancing customer experience and improving operational efficiency to gain a competitive advantage by leveraging technologies like cloud, analytics, and AI/ML.

“In the coming years, IT service investments will be driven by interest in GenAI. Enterprises will continue engaging with IT service providers to develop potential use cases and POCs and also to transform and manage their complex IT infrastructure and applications,” said Harish Krishnakumar, senior market analyst, IT Services, IDC India.

In the IT and Business Services market, the IT Services market contributed 78.4 per cent and grew by 6.6 per cent in 2023, compared to the 8.1 per cent growth in 2022.

“The industry today is incredibly dynamic, driven by the advent of AI and GenAI, prompting enterprises to rigorously examine use cases to ensure the delivery of measurable business outcomes,” according to Neha Gupta, senior research manager, Software and IT Services Market, IDC India.

--IANS

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
₹84.00
₹82.25
UK Pound
₹104.65
₹108.10
Euro
₹92.50
₹89.35
Japanese Yen ₹56.10 ₹54.40
As on 25 Jul, 2025
  Daily Poll
Who do you think will benefit more from the India - UK FTA in the long run?
 Indian businesses & consumers.
 UK businesses & consumers.
 Both will gain equally.
 The impact will be negligible for both.
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter