Global market intelligence and consulting firm IDC reports that the domestic IT and ITeS market will grow at 24 per cent in 2008 to touch US$ 27.35 billion. IDC sees a higher local demand driven by growth of broadband, expansion of Software-as-a-Service (SaaS), service oriented architecture, virtualisation as also networking projects. The net margins in the domestic market are at about 9-11 per cent which has improved considerably in recent years. Of late IT service providers, MNC's and domestic firms have recognised the potential of the home market and have developed strategies exclusively for the domestic market according to a research by Gartner.
The Indian information technology sector continues to be one of the sunshine sectors of the Indian economy showing rapid growth and promise. Though worldwide IT budgets are expected to increase by 3.3 per cent in 2008, slightly higher than 2007, the Indian firms would report stronger-than-average IT budget increases of around 13 per cent, according to Gartner.
* India's software and services exports are expected to reach US$ 40.8 billion whereas the domestic market is expected to touch US$ 23.2 billion dollars in FY08 as per the 'Strategic Review 2008' by IT industry body Nasscom. * With small and mid sized businesses driven by the increased use of technology the country's information and communication technology market is estimated to grow 20.3 per cent annually to reach US$ 24.3 billion by 2011. * A survey carried out to assist business heads of major outsourcers...