As The Economic Times reports, research firm IDC revealed that India’s IT and business services market is forecast to expand by more than 8% to reach USD 13.1 billion by the end of 2019. It is then expected to grow to USD 14.3 billion by 2020.

In a recent report, IDC said that the IT services segment made up an approximate 76% of the total market in the latter part of 2018, adding: "The IT services market is slated to reach USD 10 billion by December 2019, growing at 9.1 per cent annually. The Indian government's higher spending on the Digital India and Smart Cities initiatives, and the increased adoption of next-gen technologies by organizations is driving growth in the IT services market.”

It was estimated that the IT services market will expand at a CAGR (compound annual growth rate) of 8.6% between 2019-2023, reaching a total of USD 14 billion by the end of 2023.

"The India IT & Business Services market is expected to grow annually by 8.8 per cent to reach USD 13.1 billion by December 2019,” the report said.

The "market is further expected to register an annual growth rate of 8.7 per cent to be valued at USD 14.3 billion by December 2020.”

According to IDC India Director Enterprise Solutions Ranganath Sadasiva, growth in the IT services market is mainly being driven by the banking, financial services and insurance (BFSI) and government verticals.

"The other emerging verticals which are expected to adopt IT Services and futuristic technologies more aggressively in the next 3-5 years are the manufacturing, retail, healthcare and education verticals," Sadasiva said.

He went on to point out that technology start-ups including artificial intelligence, machine learning, Internet of Things, blockchain and automation have increased in popularity, therefore further helping people adopt IT services.