IT Services - India

  • India
  • Revenue in the IT Services market is projected to reach US$26.73bn in 2024.
  • IT Outsourcing dominates the market with a projected market volume of US$11.04bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.49%, resulting in a market volume of US$44.02bn by 2029.
  • The average Spend per Employee in the IT Services market is projected to reach US$49.02 in 2024.
  • In global comparison, most revenue will be generated in the United States (US$522.00bn in 2024).

Key regions: United States, China, India, Japan, Germany

Region comparison

Analyst Opinion

India, the world's second-most populous country, is home to a thriving IT services market that has been experiencing significant growth in recent years.

Customer preferences:
Indian customers are increasingly looking for IT services that are cost-effective, innovative, and tailored to their specific needs. As a result, there has been a growing demand for services such as cloud computing, cybersecurity, and artificial intelligence.

Trends in the market:
One of the key trends in the Indian IT services market is the shift towards digitalization. With the Indian government's push towards a digital economy, businesses are increasingly looking to adopt new technologies to stay competitive. This has led to a surge in demand for services such as mobile app development, e-commerce solutions, and digital marketing.Another trend that has emerged in recent years is the rise of niche players in the market. While large IT services companies continue to dominate the market, there has been a growing demand for specialized services from smaller, more agile players. This has led to the emergence of niche service providers in areas such as blockchain, IoT, and machine learning.

Local special circumstances:
India's IT services market is unique in that it is heavily influenced by the country's large and growing startup ecosystem. With over 50,000 startups, India is one of the world's fastest-growing startup hubs. Many of these startups are focused on developing new technologies and disrupting traditional industries, which has led to a growing demand for IT services that can support their growth.

Underlying macroeconomic factors:
India's IT services market is closely tied to the country's overall economic growth. With a GDP growth rate of over 7%, India is one of the world's fastest-growing major economies. This has led to a growing demand for IT services from businesses across a range of industries, including finance, healthcare, and retail.In conclusion, India's IT services market is experiencing significant growth as businesses across the country look to adopt new technologies to stay competitive. With a growing demand for cost-effective, innovative, and specialized services, the market is likely to continue to evolve in the coming years.


Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.


  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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