Growth Rate Of IT Industries

The IT industry in India has experienced significant growth over the past few decades, driven by factors such as globalization, technological advancements, and a large pool of skilled professionals. The growth rate of the IT industry in India can be measured in terms of revenue, employment, and contribution to the GDP.

According to the National Association of Software and Service Companies (NASSCOM), which is the premier trade body for the IT-BPM industry in India, the Indian IT-BPM industry grew at a compound annual growth rate (CAGR) of approximately 8.1% from FY2015 to FY2020. The industry revenue reached USD 191 billion in FY2020, with the IT services segment accounting for the largest share of revenue.

Despite the challenges posed by the COVID-19 pandemic, the IT industry in India has shown resilience and adaptability. The industry has rapidly embraced remote work and digital transformation, leading to increased demand for IT services such as cloud computing, cybersecurity, and digital solutions.

Looking ahead, the Indian IT industry is expected to continue its growth trajectory, driven by factors such as the increasing adoption of digital technologies, rising demand for IT services globally, and the government's focus on initiatives such as Digital India and Make in India. However, the industry also faces challenges such as talent shortage, evolving technology landscape, and geopolitical uncertainties, which will require strategic planning and innovation to overcome.