IT Industry Trends in India India's information technology sector has been instrumental in putting the nation's economy on the rapid growth curve. According to the Nasscom-Deloitte study, the contribution of the IT/ITES sector to the country's GDP increased to a share of 5.2% in 2007, up from 1.2% in 1998. Furthermore, the IT and BPO sectors are poised to record revenues according to one study, the country will be worth $64 billion by the end of fiscal 2008, recording 33% growth, with exports expected to exceed $40 billion and an estimated domestic market to over 23 billion dollars. At the same time, the Indian IT services market is estimated to remain the fastest growing in the Asia-Pacific region with a CAGR of 18.6%, according to a study conducted by Springboard Research. India's IT growth in the world is mainly dominated by IT software and services such as custom application development and maintenance (CADM), system integration, IT consulting, application management, infrastructure management services, software testing, service-oriented architecture and Web services. A report by the Electronics and Software Export Promotion Council (ESC) estimates software exports will register 33% growth in the current financial year, with export figures expected to reach 45 billion dollars during fiscal year 2008. The country's IT exports, in fact, have come a long way, starting from a few million dollars in the early 1990s. The government expects export revenue to hit $80 billion by 2011, growing at an annual rate of 30 percent per year. Outsourcing Gartner research predicts that India will be the undisputed leader in the outsourcing sector in 2008. The outsourcing service provider The 2007 performance study, undertaken by sourcing consultancy firm Equa Terra, reported that the majority Part of the UK companies have offshored all or part of their IT functions to India and plan to continue with this strategy as India has emerged as the preferred outsourcing destination for UK companies in terms of satisfaction. Another study conducted by Nasscom in collaboration with the consultancy firm Everest reports that the Indian outsourcing sector has recorded an annual growth of 35% in the last five years with an annual turnover reaching 11 billion dollars, of which the majority part comes from exports. India has ousted China as a contender for offshore services and tops the list of 30 countries based on criteria such as language, government support, labor pool, infrastructure, education system, cost, political and economic environment, cultural compatibility , global and legal maturity, and security and privacy of data and intellectual property.