One of the largest in the world and a significant part of India’s economy is the IT service market. The market size of the Indian IT services sector was estimated to be about $167.4 billion in 2020 and is anticipated to increase at a CAGR of 8.9% from 2021 to 2026.
The growing use of digital technologies across a variety of industries, such as cloud computing, artificial intelligence (AI), and the Internet of Things (IoT), as well as the increased demand for IT services from both small and big businesses (SMEs), are the main drivers of this expansion.
Indian IT giants including Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, and Tech Mahindra dominate the market for IT services in that country. These businesses offer consumers worldwide a broad range of IT services, such as infrastructure management, application development and maintenance, and digital transformation services.
Another feature of the Indian IT services market is the sizeable and expanding outsourcing sector. Due to India’s enormous pool of experienced and affordable labor, many international corporations outsource their IT services to the nation. India is renowned for putting a lot of emphasis on research and development and for having a big pool of highly qualified scientists and engineers.
The Indian market for IT services is among the biggest in the world and significantly boosts the national economy. The market is anticipated to expand further in the upcoming years as a result of expanding usage of digital technologies like cloud computing, AI, and IoT as well as increased demand from SMEs and major corporations for IT services.
Source: IT Service, idc, business-standard