IDC Predicts phenomenal growth in IT Spending in India
International Data Corporation’s (IDC) forecasts India’s IT spend to grow by leaps and bounds. Its new research report – India IT Market Overview Report – 2012 – throws light on the IT market scenario in India and the major forces that will redefine its competitive landscape in the years to come.
Key highlights of the report:
- India’s IT Spend is expected to grow by 16.3% in 2012 despite a slump in its GDP
- The highest spend in the previous year was registered by traditional verticals that include IT/ITeS with a moderate Compound Annual Growth Rate (CAGR) of 14%-18%.
- Retail & Wholesale, Energy & Utilities, and Healthcare are other fields that registered fabulous growth (>23%) in IT spending.
- SME’s are expected to increase their IT investment from 38% in 2011 to 43% by 2015.
- Emerging technologies such as Social Media, Cloud, Mobility and Big Data have also caught the attention of the investors and are expected to ride the growth curve.
India’s IT spend is expected to touch $43.57 bn (Rs 2.43 lakh crore) in 2012 from $37.46 bn (Rs 2.09 lakh crore) in 2011, says the report. The country still commands a high growth rate despite its economic volatility, and is second only to China among BRIC countries in this regard. IDC reports that the national growth rate of India is higher than several developing economies. The reduced consumer spend triggered by Rupee depreciation and high inflation are not expected to reduce IT investments.
Yeah, Indian IT & ITeS companies are on a roll! At Suyati Technologies, we are delighted with this report that confirms what we have believed in all along – IT and ITES services done right will always have a market. Check our services to see how we can help create and market your products and services.