Indian IT spending will grow by 13.8 percent in 2022 as compared with 25.3 percent in 2021, according to the latest data released by IDC.
IT spending includes spending on hardware, software, and IT services excluding telecom spending, business services, and some emerging technologies.
The contraction in IT spending is due to reduced consumer technology spending. Enterprise technology spending is stable as enterprises continue to protect their budgets and are managing by reallocating resources to needed items.
Indian enterprises continue to focus on their digital innovation initiatives, business operations resiliency, and customer experience programs. However, enterprises are keeping a sharp eye on global events, said Vinay Gupta, Research Director, IT Spending Guides, IDC Asia Pacific.
Enterprise IT spending has been stable as businesses continue to protect IT budgets in the short term.
Consumer IT spending, which recorded strong growth in 2021, is under pressure. Sales of PC, notebooks, hardcopy peripherals, and tablets are expected to grow, albeit at a subdued pace this year due to less pent-up demand and the tail end of buying cycle, which started in 2021 due to the pandemic.
Mobile phone shipments fell for the third consecutive quarter in Q2 2022. Mobile phones account for almost 60-65 percent of consumer technology spending in India.
