Owing to the overwhelming need for digital transformation and cloud services, India's IT industry is predicted to grow significantly in the global market and reach US$ 5 billion in investment yearly by 2025.
In FY21, the revenue from IT-BPM services was US$ 194 billion. In FY22, the IT industry hired 4.45 lakh fresh hires, boosting the total number employees in the sector to 50 lakh. The Indian IT sector was commended in November 2021 by Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, for surpassing its competitive strength without any meddling from the government. He went on to say that by 2030, India's service exports might be worth $1 trillion USD. In 2023, it is projected that India will spend US$ 144 billion on information technology. The Cloud Next Wave of Growth in India research projects that the increased adoption of big data, analytics, artificial intelligence, and the Internet of Things (IoT) would enable the cloud market in India grow threefold to US$ 7.1 billion by 2022.
Growth that isn't linear due to products, platforms, and automation. Growth is being driven by emerging verticals, such as utility, healthcare, and retail.
The combined IT spending of the IBRIC countries—Japan, Canada, Europe, and the United States—is between US$ 380 and US$ 420 billion. By 2023, outsourcing and advancements in technology is expected to make Asia the second-largest IT market.
According to the TCS Survey Results (February 2021), over 70% of worldwide CXOs believe that modernizing old systems or mainframes will be a strategic business priority over the next three years (FY21–23).
