Europe: Indian IT’s new growth driver

North America may account for the lion’s share of India’s IT exports but, growing demand for outsourcing services from Europe is expected to drive the $108 billion IT sector in 2014, industry body Nasscom said.

“Europe is growing faster than the US. That is something we saw this year and this will only gain momentum. There is a lot of latent demand in the region, which will drive growth for the sector,” Nasscom President Som Mittal told PTI.

North America accounts for over 60% of revenues of Indian IT exporters, while the European region contributes about 20% with the UK making up for the bulk of that share.

“The share of the European region has been growing… The market is now more open to outsourcing and in the coming year, we will see a lot of new projects coming up, which is a huge opportunity for our domestic companies,” he said.

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