IT services to touch $14.2 billion by 2020: International Data Corporation

MUMBAI: The India IT and business services market is likely to grow 6.9% annually to $13.3 billion by December this year, according to International Data Corporation's (IDC) semi-annual services tracker. The industry tracker forecasts that the IT and business services market is further expected to grow annually by 6.8% to be valued at $14.2 billion by December 2020. The IT Services market contributed 77% in the first half and is further expected to expand to $10.2 billion by December 2019, growing at 7.2% annually. IDC expects that the IT Services market will grow at a compounded annual growth rate (CAGR) of 8.2% between 2019 and 2023, to be valued at $14 billion by the end of 2023. IDC classifies the IT Services market into three primary markets – project oriented, managed services, and support and training.