New Delhi: The India IT and business services market is expected to register an annual growth rate of 7.9% and reach $13.9 billion by the end of 2019, according to a report from the International Data Corporation (IDC) on Tuesday.
The India IT and business services market is expected to reach $12.9 billion by the end of 2018, said the "IDC Asia Pacific (excluding Japan) Semi-annual Services Tracker" report.
IT Services, which accounted for around 78% of the IT and business services spending in the first half of 2018, is expected to grow at 6.9% year-on-year to reach $9.9 billion for the full year 2018.
The faster growing services in the first half of this year included Hosting Infrastructure Services, Hosted Application Management, Application Management and IT Consulting.
"The demand for services around emerging technologies such as Cloud, Artificial Intelligence (AI), Machine Learning (ML), Automation, and Internet of Things (IoT) will be boosted in the next three-five years," said Ranganath Sadasiva, Director Enterprise, IDC India.
"Security services continued to gain ground in first half of 2018 due to a rise in the nature and complexity of cyber threats and is forecasted to grow at a CAGR of 20.7% between 2017-2022," Sadasiva added.