The Indian domestic IT & Business Services market exhibited robust growth in 2022, reaching a value of USD 13.87 billion and recording a remarkable 7.4 per cent year-over-year growth. This growth was driven by digital transformation initiatives and increased investments by enterprises, leveraging key technologies like cloud computing, analytics, AI/ML and security. The IT Services market, which contributes 78.1 per cent to the overall IT & Business Services market, experienced significant growth of 8.1 per cent in 2022, with project-oriented services witnessing the highest growth rate at 8.0 per cent. Enterprises exhibited an increasing demand for network consulting and integration services, as well as system integration services driven by the adoption of cloud, AI/ML, and analytics technologies.
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