NEW DELHI: Notwithstanding the hit to domestic business because of the covd related lockdown, the Indian IT services market is expected to grow 6.5% year-on-year to touch $14 billion by December, according to International Data Corporation (IDC).
Between 2019 and 2024, this market is expected to grow 7.6% - slower than the 9.1% rate of growth projected last year. The IDC report noted that while contracts and renewal of contracts in the IT services space are expected to be affected due to the pandemic, it will also drive demand for some other services in the sector in the 2020 calendar year (CY). “The number of IT services contracts signed in the first quarter of 2020 have declined annually by 40%.