India IT Services Market (2023-2029) | Revenue, Value, Analysis, Share, COVID-19 IMPACT, Size, Industry, Growth, Forecast, Trends & Companies

India IT Services Market Highlights

Report Name	India IT Services Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth Rate (CAGR)	14%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Vertical, By Business Function, By Deployment Mode, By Service Type
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
Pricing and Purchase Options	Avail customization purchase option to know the exact pricing of your research needs

Topics Covered in India IT Services Market Report

India IT Services Market report thoroughly covers the market by vertical, by business function, by deployment mode, by organization size, by service type. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India IT Services Market Synopsis

India IT Services Market has been accomplishing key growth and is projected to attain more growth in the near future due to government initiatives such as “Digital India” and rising investments in technology infrastructure. This sector has always been one of the prominent sectors of the country since its formation.

According to 6Wresearch, the India IT Services Market size is anticipated to rise at a CAGR of 14% during the forecast period 2023-2029. India IT services market benefits from highly skilled as well as cost-effective technical talent. The nation’s education system produces a large number of engineers and IT professionals each year, which makes it a global outsourcing hub. The country has established itself as a favored outsourcing destination for businesses across the world. Players across industries outsource IT services, including customer support, business process outsourcing (BPO), software development.  The global push towards digital transformation has also led to increased demand for IT services in India. Key players are investing in technologies such as artificial intelligence, data analytics, and cloud computing, contributing to the India IT Services Market Growth. There is no doubt that India’s is thriving startup ecosystem giving boost to the IT services market. Startups need IT solutions for marketing, product development, and scaling, which provide a number of opportunities to IT service providers. Some key challenges facing the market include the rise in competition, data security as well as privacy, talent retention, technological advancements and cybersecurity threats.

COVID-19 Impact on India IT Services Industry

The COVID-19 pandemic had an adverse impact on the India IT services market. In the year 2020, the market faced both challenges as well as opportunities as businesses in the world adjusted to the new normal of remote work as well as digital transformation. In the beginning, the pandemic led to disruptions in IT services since clients cancelled and postponed projects, which caused temporary decline in demand for these services. When organizations realized the significant of digital potential, there was a huge shift towards the digital transformation. The IT services market in India adapted to this changing landscape and offered remote work solutions, cloud migration support, data analytics. The pandemic had the same impacts on Asia Pacific IT Services Market.

IT Services Market in India: Key Players

Some of the leadings companies operating in this market include Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies and Tech Mahindra. These companies have a crucial role to play in the India IT services market.

Government Regulations in India IT Services Market

Information Technology Act, 2000, also known as IT Act is the foundational piece of legislation that governs many aspects of the IT services sector. It helps in addressing digital signatures, data protection, and electronic authentication. The government of India liberalized Foreign Direct Investment in IT as well as in IT-enabled services and this inspired foreign companies to invest in as well as establish a presence in the country. The country has been working on strengthening cybersecurity framework in order to secure critical infrastructure as well as sensitive data.

Market by Vertical

On the basis of vertical, the IT & telecom segment held the major revenue share in the market. The IT & telecom segment is experiencing faster growth since telecom operators increasingly adopt cloud computing as well as other virtual technologies in order to modernize their infrastructure and services. The consumer goods & retail segment is projected to attain significant growth. The growing adoption of omnichannel and e-commerce retail strategies drives the demand for IT solutions in retail sector.

Market by Deployment Mode

The on-premises segment on the basis of deployment mode held the largest revenue share in the market as a number of businesses prefer the on-premise deployment method since it gives them greater control over their IT infrastructure, allowing them to manage data as well as applications more effectively. The cloud segment is poised for significant growth since businesses of all sizes increasingly adopting cloud computing, stimulating the demand for cloud-based services, like business continuity, big data analytics, and disaster recovery.

Market by Service Type

According to Ravi Bhandari, Research Head, 6Wresearch, the professional services segment is likely to dominate the market share owing to rising use of project management services by small as well as medium-sized businesses. These services may also be tailored to an organization's requirements to fulfil client requests, helping them in enhancing operational effectiveness and completing projects on schedule.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India IT Services Market Outlook
• Market Size of India IT Services Market, 2022
• Forecast of India IT Services Market, 2029
• Historical Data and Forecast of India IT Services Revenues & Volume for the Period 2019 - 2029
• India IT Services Market Trend Evolution
• India IT Services Market Drivers and Challenges
• India IT Services Price Trends
• India IT Services Porter's Five Forces
• India IT Services Industry Life Cycle
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Vertical for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Government and defense for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Banking, Financial Services, and Insurance (BFSI) for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Healthcare for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Media and entertainment for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Consumer goods and retail for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By IT and telecom for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Business Function for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Human Resources for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Finance and Accounting for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Sales and Marketing for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Supply Chain Management for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Operations and Support for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Manufacturing for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Deployment Mode for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By On-premises for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Cloud for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Organization Size for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Large enterprises for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Small and Medium Enterprises (SMEs) for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Service Type for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Professional services for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Managed services for the Period 2019 - 2029
• Historical Data and Forecast of India IT Services Market Revenues & Volume By Telecom services for the Period 2019 - 2029
• India IT Services Import Export Trade Statistics
• Market Opportunity Assessment By Vertical
• Market Opportunity Assessment By Business Function
• Market Opportunity Assessment By Deployment Mode
• Market Opportunity Assessment By Organization Size
• Market Opportunity Assessment By Service Type
• India IT Services Top Companies Market Share
• India IT Services Competitive Benchmarking By Technical and Operational Parameters
• India IT Services Company Profiles
• India IT Services Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Vertical

• Government And Defense
• Banking Financial Services, And Insurance (BFSI)
• Healthcare
• Media And Entertainment
• Consumer Goods And Retail
• IT And Telecom

By Business Function

• Human Resources
• Finance And Accounting
• Sales And Marketing
• Supply Chain Management
• Operations And Support
• Manufacturing

By Deployment Mode

• On-Premises
• Cloud

By Organization Size

• Large Enterprises
• Small And Medium Enterprises (SMEs)

By Service Type

• Professional Services
• Managed Services
• Telecom Services

Frequently Asked Questions About the Market Study (FAQs):