India’s enterprise information and communications technology (ICT) market is set to expand at a compound annual growth rate (CAGR) of 17.1 percent between 2023 and 2028, according to a forecast by GlobalData.
Pradeep Suresh Kulkarni, a technology analyst at GlobalData, points to hybrid work models, SME cloud adoption, and government initiatives like Digital India as significant drivers. Data centers established by tech giants like AWS and Google are also accelerating cloud migration across enterprises.
Strong Growth Forecast: India’s enterprise ICT market is set to grow at a CAGR of 17.1 percent from 2023 to 2028, expanding from $161.3 billion in 2023 to $354.6 billion by 2028, driven by digital transformation across businesses and government sectors.
Increased ICT Budgets: 87.9 percent of ICT decision-makers anticipate larger enterprise ICT budgets in 2024, reflecting increased investment in digital technologies.
Cloud Services Growth: Cloud computing is the fastest-growing segment, with cloud services expected to grow at a CAGR of 25.3 percent, supported by tech giants like AWS and Google establishing data centers.
BFSI Sector Dominance: The banking, financial services, and insurance (BFSI) sector leads as the largest ICT vertical, contributing 11.3 percent of total cumulative revenue from 2023-2028, with growing investments in AI, IoT, and digital payments.
Government Support: Policies promoting digital infrastructure and cybersecurity, such as the Digital India initiative, are key drivers propelling India’s ICT market growth and positioning the country as a major player in the global digital economy.
