IT Sector to Grow 2% to $194 Billion: Nasscom

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IT Sector to Grow 2% to $194 Billion: Nasscom
Credit: © Reuters.

By Aditya Raghunath -- Nasscom (National Association of Software & Services Companies) said in its Strategic Review 2021 titled, ‘New World: The Future is Virtual’ that the Indian IT sector will see revenues grow 2% to hit $194 billion in FY21 as the pandemic has forced businesses to adopt digitization. The report also said that the industry will hire 138,000 employees in the same period.

“Digital transformation is the topmost priority for global corporations and in a highly connected world that will remain largely contactless for an extended period, there are shifts in business models, customer experience, operations, and employee experience. Our CEO survey for 2021 indicates that almost 70% companies expect investment in global technology higher than the previous year,” said U B Pravin Rao, Nasscom Chairman.

According to the report, listed companies disclosed a deal pipeline of $15 billion. The rate of cloud adoption in companies rose 80% during H1 FY2021 compared with H2 FY2020. Continental Europe and APAC (Asia Pacific) were the strongest growth geographies in FY2021. BFSI and healthcare were the strongest growth verticals during the year.

On a day when markets closed higher by over 1% yesterday, IT stocks suffered. Tata Consultancy Services Ltd. (NS: TCS ) lost 1.31%, Tech Mahindra Ltd (NS: TEML ) was down 0.84%, HCL Technologies Ltd (NS: HCLT )was down 0.48% and Wipro Ltd (NS: WIPR )lost 0.32%. Infosys Ltd (NS: INFY )gained 0.17%.

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