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Three-stage transformation of digitisation of businesses has commenced with IT spend on cloud. We understand cloud spend is minimum three to four years opportunity for IT sector.
Second round of IT spend is on artificial intelligence, augmented reality, virtual reality, data analytics and Internet of Things.
In the last phase, there will be emergence of new business models, which could leverage technology to drive growth in ancillary business.
These transformation phase is expected to last for a decade and in first four years as per Zinnov Analysis global IT spend is expected to increase at compound annual growth rate of 16% to $2.4 trillion by FY24.
Indian IT will be a key beneficiary of the same leading to double digit revenue growth in long run.
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