Indian IT services to grow at 17.3% CAGR

Multinational IT services companies that had set up offshore operations in India would use their local delivery centers not only to serve clients abroad, but also in the domestic IT market, which grew by 15% in 2003 over 2002, Gartner said. At a CAGR of 17.3%, India is expected to be the fastest growing IT services market in the region, as compared to the global average of 6%, making it faster than its Asian counterparts, including Singapore, China and Australia. The CAGR (compound annual growth rate) Gartner projects for India compares to 15.6% forecast for China, and 8.7% in Australia, between 2003 and 2008.