Why the IT Industry is Experiencing a Surge in Demand


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.

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