India’s IT services market grew 6.1% in 2023, reaching a size of $14.5 bn: International Data Corporation
The Hindu
India's IT services market grows 6.1% YoY to $14.5 billion in 2023, driven by digital transformation and AI solutions.
The India IT services market grew 6.1% year-over-year (YoY) in calendar 2023, reaching a market size of $14.5 billion, reported International Data Corporation (IDC) on Monday (October 28, 2024). While IT investments showed a slower recovery compared to the previous year, digital transformation (DX) initiatives and the increasing complexity of IT environments would continue to drive market growth, IDC report said. “While 2023 saw a slowdown in IT investment, 2024 will be all about growth fueled by digital transformation (DX),’‘ said Neha Gupta, Senior Research Manager, Software and IT Services market, IDC India. According to her, the increasing complexity of IT ecosystems—blending on-premises, private, and multicloud environments—along with surging demand for AI and GenAI solutions, stronger security measures, and automation, will drive the market forward.
‘’Service providers are at the heart of this evolution, enabling businesses to manage complex infrastructures, responsibly harness AI, and deliver enhanced customer experiences,” Ms. Gupta added. The leading tech companies capitalised on increased digital spending across enterprises in India, driving significant revenue growth. Performance was bolstered by strong demand in cloud, AI, security, and application modernization, with notable success in the government sector and telecom and manufacturing verticals, while India-based companies prioritised strong analytics, automation, and cognitive enablement capabilities, including GenAI, from their next-generation IT service partners, IDC Market Analysis Perspective highlighted. “In today’s digital business environment, technology vendors must be forward-thinking innovators, utilizing technology to create new digital value and keep their customers ahead of the curve,” Ms. Gupta further commented.
Air India has signed an agreement with Bengaluru Airport City Limited (BACL), a subsidiary of Bangalore International Airport Limited (BIAL), to develop a built-to-suit facility for the AME program that will feature modern classrooms, well-equipped laboratories for practical training and a team of qualified trainers.
Zepto raises $350 million in largest domestic fundraise in India, backed by leading financial institutions and notable individuals.
Adani Enterprises Ltd stock dips on NSE and BSE after Kenyan project cancellations and U.S. court allegations.
HSBC Flash India PMI shows uptick in private sector activity, with rising cost pressures and increased prices for customers.
Rupee rises slightly against US dollar amid geopolitical pressures, foreign outflows, and domestic equities; Brent oil surges.
Sensex and Nifty rebound in early trade driven by value buying, bank stock rally, and positive global cues.
The pandemic-induced downturn marked a turning point for cab drivers in Bengaluru. According to Tanveer Pasha, president, Ola and Uber Drivers’ Association, the number of active cabs in the city has dropped from over 1 lakh before the pandemic to just around 30,000 today.
Amazon will likely face an EU investigation next year into whether it favours its own brand products, said sources.
White House addresses bribery charges against Indian billionaire Adani, expresses confidence in U.S.-India relationship.
NTPC Green Energy IPO oversubscribed by 93% on day 2, raising ₹3,960 crore for renewable energy projects.
Chief Economic Advisor advises India Inc to focus on productivity, R&D, and quality over reliance on weak currency for exports.