In 2023, the Indian domestic IT & Business Services market was valued at $14.5 billion and recorded a 6.1% year-over-year (YoY) growth as compared to 7.4% in 2022, according to IDC’s Worldwide Semi-annual Services Tracker. The moderation in growth rate is due to Indian enterprises remaining cautious of their IT spending due to volatile macroeconomic conditions.
Some Figures
Of the IT & Business Services market, the IT Services market contributed 78.4% and grew by 6.6% in 2023 compared to the 8.1% growth in 2022. The IT & Business Services market is projected to grow at a CAGR of 7.3% between 2023-2028 and reach US$ 20.7 billion by the end of 2028.
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