Overview
In CY 2019, the global market for software and services is estimated to have grown to $1.5 trillion. IT services is estimated to have grown by 3.5% YoY, characterized by a shift to digital technologies, and adoption of DevOps, and as-a-service models. Business Process
Management grew by 4.5% over the prior year driven by a greater focus on robotic process automation as customers automate repetitive tasks and focus on strategic work.
In the first quarter of FY21, global growth took a sharp hit in global economic activities as uncertainties rose due to the ongoing pandemic. According to NASSCOM, revenues of the IT-BPM industry in the first quarter of FY21 declined 6% Q-o-Q, with nearly all regions witnessing a fall in demand, while European market exhibited some resilience. A similar trend was witnessed in most industry verticals, with BFSI vertical performing marginally better than the rest.
