India ICT spending forecast for 2023

The information and communications technology (ICT) spending in India is forecast to grow at a compound annual growth rate (CAGR) of 7.2 percent from around $101 billion in 2018 to $144 billion in 2023, says GlobalData.
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The services segment is estimated to account for nearly 52 percent of the overall ICT spending in India in 2023.

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.

“Adoption of technologies such as social media, mobility, analytics and cloud (SMAC), artificial Intelligence (AI) along with government policies, which envision Digital India are the key driving factors fostering this growth,” Sunil Kumar Verma, lead ICT Analyst at GlobalData, said.

Enterprises across different verticals 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.

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