The growth trajectory for the technology services industry has changed considerably in 2023, and along with that the focus has shifted to efficiency with substantial margin improvement. Many of the trends that we had expected at the beginning of 2023 have continued to evolve, e.g., growth in cloud with increased focus on value realization, leveraging the generative AI opportunity, resilient large deals growth, among others.
In this perspective, we examine the current state of the industry, explore shifting trends and drivers, upcoming growth opportunities for 2024-25, and highlight the imperatives for providers to remain competitive in a continually evolving landscape of technologies, customer expectations, and competitive pressures. This document aims to help India's technology industry navigate future challenges and possibilities.
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