Increasing tech spending amid growing tech inclination is expected to boost the industry. However, the macroeconomic headwinds could keep the industry under pressure in the near term. While Nomura Research Institute, Ltd. (NRILY) could be an ideal buy, fundamentally neutral stock Accenture plc (ACN) and Wipro Limited (WIT) might be best kept on hold.
Globally, the increased IT spending, coupled with the widespread adoption of software-as-a-service and expanded cloud-based offerings, indicates the rise in the demand for IT services in the industry. The IT services market is expected to grow at a CAGR of 8.4% to reach $1.67 trillion by 2028.
