Tech sector got COVID-19 ‘windfall’ of $100 billion: HFS Research

‘Indian firms likely captured over 50%’

The global IT and Business Process Management industry might have already seen a COVID windfall of $100 billion and Indian tech providers may have captured more than 50% of it, as per London-based HFS Research.

“The pandemic has no doubt accelerated tech adoption. We can attribute about $100 billion in additional IT/BPM expenditure by industries as a result of COVID. Over half of it may be going to Indian heritage providers,” Phil Fersht, CEO, HFS Research, told The Hindu,

According to Nasscom, the industry was growing at 6-7% pre-Covid. This year, growth is estimated to double, even as post-pandemic business acceleration and quantum revenue growth are already visible. “We will add an additional $8 billion-$10 billion this year,” said Sangeeta Gupta, senior VP and chief strategy officer, Nasscom. “Some $10 billion extra revenues over what we were doing pre-Covid, is a lot of business in FY22.”