ICT spending in India to touch $144 billion in 2023

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Mumbai: ICT spending in India is projected to grow at 7.2 % CARG from $10 billion in 2018 to $144 billion in 2023, revealed GlobalData.

The services segment will nearly have a bigger share of 52% in the overall ICT spending in India in 2023, as per the estimate.

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. The IT industry is shifting from enterprise servicing to becoming an enterprise solutions provider.

“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,” said Sunil Kumar Verma, Lead ICT Analyst – GlobalData.

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 upgradation of legacy IT infrastructure.

“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,” continued Verma.

The overall ICT spending in the services segment is estimated to grow around $24 billion during the period 2018-2023.

The spending on hardware and software/applications is also estimated to grow to $10 billion from $8.4 billion during this five years

“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,” concluded Verma.

(Image source – Shutterstock)

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