With India Inc now reopening offices in the new normal, the Indian IT services sector is likely to have an estimated 4.5 lakh new hirings (gross) in the second half of the 2022 financial year, a new report showed on Tuesday.
Considering the higher attrition of around 17-19 per cent in the second half of FY22, the IT services industry is expected to have a net employee addition of 1.75 lakh in the period, according to market intelligence firm UnearthInsight.
“On the hiring side, the industry is expected to see a sharp momentum with addition of around 12 per cent more employees than H1 in the second half of the year,” said Gaurav Vasu, Founder and CEO, UnearthInsight.
According to the report, the Indian IT services sector is likely to see 16-18 per cent revenue growth for FY22 and the $230-$240 billion market will be driven by growth “among top 15-20 IT services firms along with robust GCC/captive growth”.
Nearly 2,50,000 freshers are likely to be added in FY22 by more than 30 IT services firms, both domestic and multinational.
“The addition of freshers across the next two quarters will help IT services firms control the overall attrition,” the findings showed.
The report also estimated $80-$100 billion in Cloud services revenue for the IT services industry by 2030, driven by increasing global Cloud services demand competition among IT services giants.
On the software product and platform business side, the report estimated $15 billion to $20 billion revenues by 2030.