Stefan Mileschin

GlobalData sees huge growth

Information and communications technology (ICT) spending in India is estimated to grow at a compound annual growth rate of 7.2 percent from US$101 billion in 2018 to US$144 billion in 2023, according to the latest GlobalData figures.

The services segment is estimated to account for nearly 52 percent of the overall ICT spending in India in 2023.

The report said that 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, the Lead ICT Analyst at GlobalData, said: “Strong adoption of emerging technologies such as social media, mobility, analytics and cloud (SMAC), artificial intelligence (AI) along with favourable 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 said.

“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”, he said.

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