Indian IT Market To Reach US $110 Billion In 2012
IT end user spending in India is expected to grow at a compound annual growth rate (CAGR) of 14.8 per cent from 2007 through 2012 to generate US$110b in 2012, according to Gartner.
In 2008, IT end user spending is on pace to reach US$64.7b, a 17.2 per cent increase from 2007.
This prediction, supplemented by a robust gross domestic product (GDP) averaging 8.08 per cent growth from 2007 through 2012, means the Indian market continues to represent a significant growth opportunity for IT vendors.
India is poised for double-digit growth across many vertical markets, with financial services and communications organisations spending the most on IT, closely followed by services, manufacturing and government.
“Indian businesses continue to invest in IT in order to drive operational excellence and innovation,” says Naveen Mishra, senior research analyst at Gartner. “Small and midsize businesses (SMBs) will drive the growth of various IT-related industries, with the critical involvement of value added resellers, distributors and retailers. Additionally, the Indian government's pro-business policies and their own increasing use of IT will continue to build confidence among local companies seeking to invest in and use IT.”