Indian ICT spending to grow 14 percent in 2010
IT spending in India will reach $67 billion in 2010, an increase of 14.1 percent from 2009. The IT market in India is expected to grow 11 percent from 2009 until the end of 2013, with IT services growing faster than all other segments at 17.6 percent. Telecommunications will have the slowest growth, increasing 9.1 percent during the same period.
"India’s economy recorded GDP growth of more than 6 percent during the recent global economic crisis," said Aman Munglani, principal research analyst, Gartner. "Its growth, and the growth of India’s IT industry, have been driven largely by domestic consumption, which has left India less exposed than many emerging markets to global economic cycles".
According to Gartner, India continues to be a vastly under-penetrated IT market relative to its potential. As IT buyers expand and mature and consumers increasingly understand the benefits of IT, acceptance of technology will increase, leading to further IT market growth. The Indian government’s focus on infrastructure projects with IT dimensions will be a strong driver for overall IT growth within the country.
At the same time, manufacturing in India is increasing, and it is expected to show strong growth from 2008 through 2013. Other Industries to watch for growth include communications, utilities and retail.
The domestic IT services sector, at $6.1 billion, accounted for more than 10 percent of the overall domestic ICT market in India in 2009, and is expected to witness the strongest growth at 17.6 percent among the four sectors through 2013. Gartner estimates the domestic IT services market in India will grow 17.6 percent, accounting for nearly 19 percent of the overall domestic ICT market in India by 2013.
- Indians Lack Awareness Of Malicious Cryptomining: Study
- 5G To Pave Way For Self-driving Cars' Safety: Gartner
- Accenture, Israel Consulate And Nasscom launch 'scalerator'
- CXOs Struggling To Turn Digital Strategies into Performance
- For Most Firms, Digital Workplace Is Still Distant Dream : Gartner
- The Digital Messiah: Inside Accenture's Innovation Hub
- How Robo-Advisors Are Disrupting Financial Services
- Edge Computing Drives Internet Of Thing's Growth: Study
- Iris Global On Expansion Spree; Ventures Into India's Cyber Security Biz
- Truecaller Acquires Indian Firm Chillr; Launches Truecaller Pay 2.0