Global Research firm Ovum has stated that India is going to witness huge boom in IT service market in 2010. The survey predicts that Indian IT service market will grow 23% in 2010. Another report from the research firm Ovum predicts that IT service market is supposed to grow $11 billion in 2010 to $24 billion in 2013. Major demand spurner will be e-governance projects like UID and other initiatives by state Governments.
Hansa Iyengar, co-author of the forecast, based in Ovum’s India office has commented
“The recession did impact the IT services market in India, with spending growth across all service lines witnessing a decline. However, growth in the Indian IT Services market is picking up as customers have renewed spending and are putting out work that was on hold during the past year. The resilience of the Indian economy and its rapid progress to normalization should bring more investment, driving growth in the sector,”
Due to global recession, late year 2008 and whole of 2009 saw very less opportunities in the IT domain. The period also saw pressure on the margins because of lesser opportunities and intense competition. The year 2010 is expected to see growth in almost all the major verticals. Country is in the process of implementing major infrastructural projects in transportation, power generation and transmission,mining, exploration and allied services like banking and consultancy.
The trigger for growth is expected to come from many a quarters and growth will be all pervasive.