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India's IT services exports top $150 billion for the first time, US and UK are biggest buyers - The Register

Last updated Sunday, September 11, 2022 19:15 ET , Source: TopWireNews

Asia In Brief India's software-related services industry won over $150 billion for the first time in 2021–2022, according to the nation's Reserve Bank (RBI).
In data released late last week, the RBI found that the industry's revenues rose by 17.2 percent in the period covered.
The United States and Canada were the top destinations for software exports with $86.9 billion, or 55.5 per cent share. Europe racked up $48.6 billion of spending on services delivered from India, with the UK responsible for $23.3 billion of that.
Services delivered off-site accounted for $139.2 billion of all spending.
The RBI attributed $4.5 billion of spending to software development, with and $42.3 billion to business process outsourcing. Unspecified "IT services" accounted for the remaining $101.7 billion.
APAC IT budget to rise: IDC
Analyst firm IDC's Worldwide ICT Spending Guide Enterprise and SMB by Industry predicts Asia/Pacific* ICT spending to grow by over 3.8 percent in 2022 and accelerate to a compounded annual growth rate (CAGR) of 5.2 precent by the end of 2026.
"ICT Spending in the region has moved from exuberant growth last year to that of strategic growth," said Vinay Gupta, IDC's research director for spending guides in the APC region. "Technology budgets are stable as of now. However, leaders will place greater scrutiny on technology investments as they represent a much larger share of spend and also to allow them sustainable business growth," he added.
Growth across the region...

Read Full Story: https://www.theregister.com/2022/09/11/indian_outsourcing_revenues_surge/

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