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IT services will grow the fastest at 13.8 per cent in 2017 followed by software at 13.4 per cent.
Firms in the banking and securities industry are investing more in enterprise resource planning (ERP)/supply chain management (SCM)/customer relationship management (CRM) to upgrade their existing infrastructure.
"The Indian banking sector has undergone a transformation. Banks are gradually lowering the number of branches and increasing capability in terms of their existing infrastructure," said Moutusi Sau, Principal Research Analyst at Gartner.
The slowing manufacturing sector is also having an indirect effect on the banking and securities sector, it added.