The Asia Pacific IT services market excluding Japan will grow from US$37.5 billion in 2007 to US$55.9 billion in 2011, representing a compound annual growth rate (CAGR) of 10.5 per cent over five years, according to Springboard Research.
The report claims India's IT services market will grow at a CAGR of 18.6 per cent, the fastest growing market in the region.
However, Greater China will offer the largest market opportunity in dollar terms at the end of the forecast period.
Research firm vice president, Phil Hassey, said the Asia Pacific IT services market is arguably the global leader in terms of growth, supplemented with a mix of mature and emerging markets.
"The markets of interest are not just the top four - China, India, Australia and Korea - but the emerging ones like Indonesia and Vietnam, which will register significant growth going forward," Hassey added.
Springboard rates the top 10 as China, India, Australia, Korea, Indonesia, Vietnam, Malaysia, Rest of ASEAN, Singapore and Philippines.
Essential Management IT director, Fred Ward, said Australia would be rated as the number one market if industry received more support from the federal government, especially when it comes to tax concessions and research and development.
Ward said Australia has never fully exploited its potential as an IT services market blaming a flat job market and lack of progress on a high speed broadband network.
He said Australia's ICT trade deficit has topped $21 billion.
"Unlike other countries in this region Australia does not have a strategic framework to promote our ICT sector and generate sustainable growth," he said.