The India IT and Business Services market is expected to grow at 9.4 percent to $13.2 billion in 2018, said IDC.
IT Services, which contributed around 76 percent of the overall services market in H2 2017, is expected to reach $10.1 billion in 2018.
Digital transformation initiatives, core systems enhancements, the GDPR, among other areas, led the IT Services growth in H2 2017.
Project Oriented service was the largest IT services segment with 39.6 percent share, followed by Outsourcing with 38.1 percent, and Support and Training with 22.3 percent in H1.
Emerging technologies — Cloud, Analytics, Artificial Intelligence (AI) and Internet of Things (IoT), will boost the IT services market for the next 3-5 years with sizeable investments in IT Consulting, Systems Integration, and IT Outsourcing, said Ranganath Sadasiva, director Enterprise at IDC India.
IDC estimates that the Indian IT Services market will increase at a CAGR of 9 percent to $14.3 billion by 2022.
“Managed Security Services is poised for a healthy growth in next 3-5 years, with a highly evolved threat landscape, pressure to launch DX initiatives, and the lack of in-house skilled cybersecurity professionals,” said Sandeep Kumar Sharma, associate research manager – Software and Services, at IDC India.