The services segment is estimated to account for nearly 52% of the overall ICT spending in India by 2023.
The Indian IT industry continues to be one of the fastest growing markets globally, according to GlobalData, as it transitions from enterprise servicing to becoming an enterprise solutions provider.
Sunil Kumar Verma, 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 favorable government policies, which envision ‘Digital India<\/a>’ are the key driving factors fostering this growth.”
Enterprises across sectors are focusing on digital transformation work like cloud-workload migrations, business process automation and the up-gradation of their legacy IT infrastructure.
Verma added “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.”
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 estimated to grow to around $10 billion and $8.4 billion during the same period.
“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,” said Verma.
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