IT & ITES - #SectorUpdates
The Indian IT industry has reported the highest-ever market share in five years, steadily climbing the global ranks. The revenue market share for Indian IT companies increased in Q2-FY23, according to a report, to 35 per cent of the global market share. Experiencing a seasonally strong quarter in Q2-FY23, India-based companies saw their revenue market share grow even further, thus reporting the highest-ever numbers in five years. The Indian IT sector has been resilient to current economic conditions and has outperformed their global counterparts. It is the only sector to offer services on a massive scale at a low price. The Indian IT companies additionally have made major investments into technologies of the future; cybersecurity, analytics, cloud, and IoT digital investment and places where regional players across the globe were unable to invest. These reasons have fostered resiliency into the sector.