ICT spending in India will reach US$144bn in 2023, says GlobalData
Driven by the increased adoption of IT services across various verticals, the overall information and communications technology (ICT) spending in India is estimated to grow at a compound annual growth rate (CAGR) of 7.2% from around US$101bn in 2018 to US$144bn in 2023, says GlobalData, a leading data and analytics company.
The services segment is estimated to account for nearly 52% of the overall ICT spending in India in 2023.
India continues to leap forward as one of the fastest growing IT markets globally. The transformation of the Indian IT industry has led to the transition of economy as well, with the IT industry shifting from enterprise servicing to becoming an enterprise solutions provider.
Sunil Kumar Verma, Lead ICT Analyst at GlobalData, comments: “Strong adoption of emerging technologies such as social media, mobility, analytics and cloud (SMAC), artificial Intelligence (AI) along with favorable government policies, which envision ‘Digital India’ are the key driving factors fostering this growth.”
Enterprises across different verticals continue to embrace different IT offerings through platforms, products and process automation to drive their growth. Most of these enterprises are also focusing their efforts towards the digital transformation initiatives, such as cloud-workload migrations, business process automation and the up-gradation of legacy IT infrastructure.
Verma continues: “With core industry verticals in India such as energy, manufacturing and construction aligning their business model with an IT driven approach, the spending is bound to grow in the coming years.”
As a result, the overall ICT spending in the services segment is estimated to grow around US$24bn during the period 2018-2023. The spending on hardware and software/applications is estimated to grow to around US$10bn and US$8.4bn during the same period.
Sunil concludes: “An increasing number of enterprises are adopting the agile business operating model and are striving to achieve a healthy mix of IT adoption spend and cost rationalization initiatives. This ensures that the demand for IT services will further continue in the coming years.”
To gain access to our latest press releases and expert analysis on developments in your industry, please connect with us on:
Notes to Editors
- Comments provided by Sunil Kumar Verma, Lead ICT Analyst at GlobalData
- Information based on GlobalData’s Market Opportunity Forecasts Model
- GlobalData Market Opportunity Forecasts Model provides revenue opportunity forecasts for 15 IT solutions for the period 2019-2023, spanning 17 technology segments, 37 geographical markets, six regions, 22 verticals and two size bands
- This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts
4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make moretimely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.
Disclaimer: The story is in the form of a Press Release and has not been edited or reviewed for language or content. The content is published in the form that it was received by the editors after removing certain personal information such as contact numbers and emails. CXOToday.com is not responsible for the veracity of this content