India’s Software Market To Hit $6.1 Bn This Year: IDC
India Software Market Poised to Grow at 13.7 Percent to Reach US$ 6.1 Billion by 2019, says IDC India.
India’s software market is expected to grow with a year-on-year (YoY) growth rate of 13.7 percent and touch US$ 6.1 billion by the end of 2019, as per IDC’s latest Asia Pacific (excluding Japan) Semiannual Software Tracker, 2018 H2 (July – Dec 2018). India maintained its leadership position as one of the top 3 contributors in the APeJ region’s software market, accounting 12.0 percent of the overall market.
International Data Corporation (IDC) classifies the software market into three primary categories: Applications, Application Development and Deployment (AD&D), and Systems Infrastructure (SI) Software. Applications contributed the bulk of the spending with a 59.7% share, followed by AD&D and SI software with shares of 22.8 percent and 17.5 percent, respectively, in 2018 H2.
For the forecast period, CY (Calendar Year) 2018-2023, IDC predicts Enterprise Resource Management (ERM), Collaborative Applications, and Customer Relationship Management (CRM) to be the top the opportunity areas for the vendor community. These markets are expected to witness higher growth rates vis-à-vis other secondary software markets and contribute a major chunk to the overall software market during the forecast period.
“Indian organizations are increasingly looking at harnessing big data and business analytics to increase competitive advantage. Additionally, there is a renewed thrust on modernizing and evolving enterprise applications and accelerating cloud-related initiatives. Over the course of the next 24 months, Indian organizations would attempt at maximizing their investments in analytics, cloud, and artificial intelligence through appropriate monetization mechanisms. This is slated to act as a catalyst in driving digital transformation across organizations,” said Ranganath Sadasiva, Director, Enterprise Solutions, IDC India.
“Opportunities also exist in the application development and deployment software categories in the country. IDC Tracker research predicts a growth of 11% for this segment in CY 2019. This is primarily being led by the demand for Agile/DevOps frameworks, methodologies, and tools to support DX initiatives, and is ably enabled by the presence of a large supply of developers locally,” said Mohsin Baig, Market Analyst, Enterprise Software, IDC India.