The high expectations from the start of a new decade fizzled in the first quarter itself. The COVID-19 pandemic forced many companies out of business. And rendered a large number of people unemployed. Business expectations and demand were low in almost all sectors.
The global IT industry also took a setback. International Data Corporation, a premier global market intelligence firm, revised its original revenue estimate for the IT industry from $5.2 trillion to $4.8 trillion.
But, estimates for 2021 still suggest that the global IT industry is set to reach the $5 trillion mark.
Looking even further, the industry is expected to reach a cumulative average growth rate of 5% by 2024.
Most other businesses are struggling to keep themselves afloat. But the IT industry is the least hit. And even amidst a global pandemic, there is an influx of demand.