NEWS

As Innovation and Digital Transformation Becomes a New Requisite, ICT Spending in India is Expected to Grow at 10% in 2021

By VARINDIA - 2021-03-16

IDC India has issued latest press release elaborating on the trend for growth of ICT Spending in India.

Please view the complete press release here: Click Here

Key Highlights:

Enterprises' focus during the current pandemic to ensure future growth, innovation, and resilience is helping to revive Indian ICT spend to a strong positive outlook in 2021.
International Data Corporation (IDC) forecasts India’s ICT Spending to grow by over 10% to reach $91 billion in 2021 and expected to reach $111 billion by 2024, according to the latest release of Worldwide ICT Spending Guide Industry and Company Size.
“Various initiatives by Indian government such as recent production led incentives (PLI), infrastructure modernization to remove bottlenecks in the supply chain, Atmanirbhar Bharat, Make in India and others to make enterprises competitive. To achieve this, technology-led investment towards digital transformation is inevitable,” said Ashutosh Bisht , Senior Research Manager, IDC. “Providing an alternate to China as the global manufacturing hub will also step-up India’s position in the global arena,” he added.

With respect to industry verticals, Education is expected to show the highest bounce back in 2021 owing to a continued focus on a hybrid operating model.
The banking and telecommunications industry contributes the highest, around 14% of the overall ICT Spend in 2021. The banking sector is expected to grow at 7.8% in 2021 and is mainly driven by increased ICT investments in redesigned customer experience (CX), business continuity, and cybersecurity.

The Worldwide Semiannual ICT Spending Guide Industry and Company Size is IDC's flagship all-in-one data product capturing IT spending across more than 100 technology categories and 53 countries. This IDC Spending Guide will provide a granular view of the market for IT spending from a country, industry, company size, and technology perspective. This comprehensive database delivered via pivot table format or IDC's custom query tool allows the user to easily extract meaningful information about various technology markets and industries by viewing data trends, relationships, and making data comparisons across more than 3 million data points.