Tech spending in India
The Indian government is investing heavily in digital transformation projects, such as the National Digital Health Mission and the Digital India program. Technology spending in India is expected to grow by 9.6% in 2023, reaching Rs.3.9 lakh crore (approximately $50 billion).
The outlook for technology spending in India in 2023 is very much positive. The growth is driven by a number of factors, including public sector digital initiatives, investments in telecoms, and growth in the IT-enabled services sector. The report also notes that a number of emerging technologies, such as cloud computing, cybersecurity, artificial intelligence, IoT, and data analytics, are expected to be major drivers of technology spending in India in the coming years.
Despite continued global economic turbulence, every region worldwide is projected to achieve IT spending growth in the next one year. Technology spending in APAC will grow 5.8% to reach $732 billion in 2023. 74% of growth will come from software and services as cloud adoption in the region increases. Additionally, software spending will continue to see a compound annual growth rate of 10.3% through 2027.
Strong government support for the ongoing digitalisation efforts will continue to impact investments in building a national digital infrastructure. Tech spending in India is projected to grow at 10.1%, the highest rate in the Asia Pacific (APAC) region, to reach ₹3.9 lakh crore in 2023.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
