Information and communications technology (ICT) spending in India is estimated to grow at a compounded annual growth rate (CAGR) of 7.2% to USD 144 billion by 2023, from USD 101 billion in 2018, according to data and analytics company GlobalData, driven by an increase in adoption of IT services across various industries.
The services segment is estimated to account for nearly 52% of the overall ICT spending by the same period.
The Indian IT industry continues to be one of the fastest growing 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’, are the key driving factors fostering this growth.”
Source: Economic Times