Indian IT services market grows 26.7% in 2004

Indian IT services market grew 26.7 per cent year-on-year in 2004 to touch 2.1 billion US dollars and is poised to rise to 5.3 billion USD by 2009, reports PTI. Indian IT services market grew 26.7 per cent to 2.1 billion USD in 2004 from 1.6 billion USD in 2003. The main drivers for the growth were segments like banking financial services, telecom and government. In 2005 the market is expected to grow 28 per cent as compared to 2004 to 2.7 billion USD. The growth of the Indian IT services market was much higher than the average for the Asia Pacific region. With the increasing integration for Indian economy with the global economy Indian companies are gradually realising the strategic importance of IT.