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Indian IT Services Market Going Strong|
- By CXOtoday Staff, May 14, 2008 1746 hrs IST
- Tags : Indian IT Services Market Going Strong
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The Indian IT Services market is going strong, showing more than average growth, according to a Gartner report released recently. According to the report, the Indian domestic IT Services market grew 18 percent in 2007 (in Indian Rupee terms) clearly outperforming overall Asia-Pacific IT Services growth rate.
"While cost remains a key consideration for users in the outsourcing services market in India, operational efficiency and business agility is driving most of the IT Services engagements", said Arup Roy, senior research analyst, Gartner.
Meanwhile, worldwide IT services revenue totaled US $748 billion in 2007, a 10.5 % increase from 2006 revenue of US $677 billion, according to Gartner.
IBM continued to be the worldwide market leader, across all IT services, with 7.2 % of the market. IBM and Accenture delivered strong growth rates, 12.2 % and 19.7 percent, respectively, and were the only companies in the top six that experienced revenue growth rates above the overall market average.
While global sourcing makes the location of a provider's headquarters increasingly less relevant, Gartner tracks this information for more than 360 vendors who collectively account for more than 70 % of end-user spending worldwide. While India-based vendors' IT services revenue grew 38 percent in 2007, these companies earned only 4.1 percent of revenue tracked, and US -based vendors dominated the IT services market with 55.4 percent of that total.
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