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Indian IT Services Market Grows 26.7 Percent in 2004
Jul 6, 2005

NEW DELHI -- Indian IT services market grew 26.7 percent year-on-year in 2004 to touch $2.1 billion and is poised to rise to $5.3 billion by 2009, a report by analyst firm Gartner said Monday.
"Indian IT services market grew 26.7 percent to US $2.1 billion in 2004 from US $1.6 billion in 2003. The main drivers for the growth were segments like banking financial services, telecom and government," Ravindra Datar, principal analyst, Asia Pacific for IT Services and BPO at Gartner said.

In 2005 the market is expected to grow 28 percent as compared to 2004 to $2.7 billion, he said.

Datar said by 2009 the total size of the IT services market in India is expected to be $5.3 billion.

The growth of the Indian IT services market was much higher than the average for the Asia Pacific region.

He said that with the increasing integration for Indian economy with the global economy Indian companies are gradually realizing the strategic importance of IT.

"Large number of captive and third party offshore services facilities for IT and BPO being set up in the country are also driving demand," Datar said.
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