India Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)
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India Enterprise ICT Market Report Overview
The India Enterprise ICT Country Intelligence Report, a new Country Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2023 and GlobalData’s Market Opportunity Forecasts to 2027: India. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises in the country in 2023 compared to 2022 and ICT revenue opportunity with detailed forecasts of key indicators up to 2027. The report provides a detailed analysis of overall India’s enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts.
Annual Change in Enterprise ICT Budget Allocation in India (2021-22 Vs. 2022-23)
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The report also discusses the market growth inhibitors impacting India’s overall ICT market. It sheds focus on enterprise ICT budget allocations and ICT revenue opportunities covering 18 solution areas, segmental analysis, and vertical analysis, as well as a review of key macroeconomic and regulatory trends, and government initiatives. The report also includes a brief profile of some of the key ICT vendors within the country.
| Market Size 2022 | >$138 billion |
| CAGR | >18% |
| Forecast Period | 2022-2027 |
| Enterprise ICT Budget Allocation Analysis Period | 2022-2023 |
| ICT Segment | Hardware, Software, Services |
| ICT Solution Areas | Cloud Computing, IoT, Communications and Collaboration, Client Computing, Consulting & Integration Services, Networking, Business Process Outsourcing, Application Development and Management, Business Process Applications, IT Management, Security, Storage, Data and Analytics, Servers, Data Center & Hosting, Artificial Intelligence, Mobility, Edge Computing |
| Key End-use Verticals | BFSI, Manufacturing, Information Technology, Government, Retail, and others |
| Enterprise Size Band | Micro (<50), Small (51-250), Medium (251-1,000), Large (1,001-4,999) and Very Large (5,000+) |
| Key Digital Transformation Areas | Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing and Others |
| Enterprise Technology Priorities and Spending Preferences | IoT, Cloud Computing, Networking, Business Process Outsourcing, Client Computing, and others |
| Companies Mentioned | Microsoft, TCS, IBM, Accenture, Meta, and others |
GlobalData’s ICT customer insight survey reveals a positive outlook for enterprise ICT spending in India, with most respondents, more than 94% from the country, claiming that there has been an increase in the enterprise ICT budget in 2023 compared to 2022. This is over 28 percentage points (p.p.) higher than the percentage who claim that there was an increase in their ICT budget in 2022-23 compared to 2021-22. This upward trend is paving the way for a promising opportunity for optimistic growth in ICT revenue. The rise in investment signifies enterprises’ willingness to allocate a budget towards technological advancements.
India’s overall ICT market was pegged at over $138 billion in 2022 and is expected to grow at a CAGR of more than 18% during 2022-2027 to reach over $325 billion in 2027, as enterprises are reshaping and accelerating their digital transformation strategy to stay competitive and manage operational costs and improve efficiency, paving a positive ICT outlook in the near term.
India Total ICT Revenue Opportunity ($Billion) 2022-2027
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India Enterprise ICT Market Regulatory Highlights
- National broadband mission,
- Digital India
- Global-standard e-Governance projects,
- National cybersecurity strategy, etc.
India Enterprise ICT Revenue Opportunity – Segment Analysis
GlobalData’s survey findings suggest that the enterprise ICT budget allocations across all ‘services’ categories in India have increased in 2023 compared to 2022. More than 62% of respondents confirmed an increase in their enterprise ICT budget for overall ‘services’ in 2023 compared to 2022.
Annual Change in Distribution of Enterprise ICT Spending, By ICT Products/Services in 2023
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According to GlobalData, India’s ICT market would see the majority share of its revenue come from the IT services segment over the forecast period. The report also discusses the enterprise ICT revenue opportunity across IT software and IT hardware segments over the forecast period.
- IT Services
- IT Software
- IT Hardware
India Total ICT Revenue Opportunity, by Segment ($Billion) 2022-2027
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India Enterprise ICT Market Dynamics – Drivers, Trends and Challenges
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India Enterprise ICT Market by Infrastructure Segments – Services, Software, and Hardware
IT Services – Segment Outlook
GlobalData’s survey findings suggest that the enterprise ICT budget allocations across all ‘services’ categories in India have increased in 2023 compared to 2022. More than 62% of respondents confirmed an increase in their enterprise ICT budget for overall ‘services’ in 2023 compared to 2022.
Annual Change in India Enterprise ICT Services Budget Allocations
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The ICT services market in India was pegged at over $84 billion in 2022 and is predicted to grow at a CAGR of more than 18% to over $198 billion in 2027. The growth of the ICT services market in the country is largely driven by the government’s digital strategy and rapid adoption of emerging technologies by public and private sector enterprises undergoing digital transformation mainly from business process management (IT-BPM), e-commerce, domestic electronics manufacturing, digital payments, and digital communication services, among others.
India Total ICT Revenue Opportunity, by ICT Services ($Billion) 2022-2027
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The India enterprise ICT country intelligence report offers ICT revenue market indicators across the following IT services solution areas:
- Cloud computing services
- Communications and collaboration services
- Consulting & integration services
- Business process outsourcing services
- Application development and management services
- Networking services
- Internet of Things (IoT) services
- Client computing services
- Datacenter and hosting services
- Security services
- Artificial intelligence (AI) services
- Storage services
- Mobility services
- Servers services
- Edge computing services
India Enterprise ICT Technology Revenue Opportunity and Spending Priorities – Key Solution Areas
The revenue opportunity for IoT reached over $22 billion in 2022 and is forecast to grow at a CAGR of more than 23% over 2022-2027. The IoT market growth can be attributed to the country’s technological advancements as well as initiatives undertaken by the Indian government which focuses on developing connected and smart IoT-based systems.
India Total ICT Revenue Opportunity, by Solution Areas ($Billion) 2022-2027
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India Enterprise IoT Investment Priority – Now vs Next Two Years
According to GlobalData’s survey, over 77% confirmed that their enterprise’s budget allocation in IoT infrastructure increased in 2023 compared to 2022. More than 78% claimed that their enterprises have already invested in IoT infrastructure, while over 70% will invest in IoT infrastructure in the next two years.
IoT Technology Investment Priority – Current vs Next Two Years
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India Enterprise ICT Technology Revenue Opportunity – Key Verticals
The BFSI sector is the largest independent end-use vertical segment for the ICT market in India, in terms of revenue contribution, and will remain so over the forecast period. ICT revenue from the BFSI sector reached over $15 billion in 2022 and is set to grow at a CAGR of more than 17%. The segment is set to account for an 11.3% share of the total cumulative revenue forecasted for 2022-2027.
India Total ICT Revenue Opportunity, by Verticals ($Billion) 2022-2027
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India Enterprise ICT Revenue Opportunity by Enterprise Size Band
Large enterprises comprising both large and very large companies together accounted for over $71 billion of India’s ICT revenue in 2022 and are estimated to reach more than $160 billion by 2027. Due to their sound financial standing, large organizations are placing more emphasis on R&D efforts across a variety of ICT solution areas, such as advanced robotics, AI, data analytics, and cloud computing.
Scope
The country intelligence report provides an in-depth analysis of the following –
- The macroeconomic and regulatory context and government initiatives in India.
- Enterprise ICT market outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT segments, ICT solution areas, end-use verticals, and enterprise size bands.
- Enterprise ICT Budget Allocations – 2022 vs 2023: Overview of survey findings regarding changes in the overall enterprise ICT budget allocations in 2023 compared to the previous year and across ICT segments, ICT solution areas, and existing vs new IT projects.
- Enterprise ICT growth drivers, market trends and challenges
- IT hardware segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT hardware solution areas and budget allocations by ICT hardware categories.
- IT software segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT software solution areas and budget allocations by ICT software categories.
- IT hardware segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT services solution areas and budget allocations by ICT services categories.
- Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key solution areas in current vs next two years.
- Company landscape: analysis of the market position of leading ICT providers in the Indian market.
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
- The survey was conducted in H1 2023 via an online methodology, with respondents all having ICT decision-maker responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2024, to monitor ICT budget changes on an ongoing basis.
Reasons to Buy
- This Country Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises across various industry verticals in India and GlobalData’s Market Opportunity Forecasts to 2027, to offer a thorough, forward-looking analysis of India’s enterprise ICT investment priorities and ICT revenue opportunity market.
- Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2027, the report examines the assumptions and drivers behind ongoing and upcoming trends in India’s enterprise ICT market.
- The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to the previous year.
- The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions, and product/service categories and how they have changed this year compared to previous years.
- The report also presents an analysis of enterprise ICT revenue opportunities by various solution areas, enterprise size bands, end-use verticals, and segments over the forecast period 2022-2027.
- With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides insights in a concise format to help executives build proactive and profitable growth strategies.
Table of Contents
Frequently asked questions
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How did the overall enterprise ICT budget in India change in 2023 compared to 2022?
More than 94% of respondents from India claimed that there has been an increase in their enterprise ICT budget for 2022-23 compared to 2021-22.
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What was the India enterprise ICT revenue market size in 2022?
The enterprise ICT revenue market size in India was valued at over $138 billion in 2022.
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What is the India enterprise ICT revenue market growth rate?
The enterprise ICT revenue in India is expected to grow at a CAGR of more than 18% during the forecast period 2022-2027.
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What are the key ICT revenue market drivers in India?
A strong start-up ecosystem offers promising ground for India’s ICT market along digital transformation initiatives are the key market drivers for India’s ICT revenue market growth.
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What are the key ICT segments in India?
IT services, IT software, and IT hardware segments are the key ICT segments in India.
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What are the key end-use verticals for ICT products/services in India?
BFSI, manufacturing, information technology, government, and retail are the key ICT end-use verticals for ICT products/services in India.
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What are the key ICT solution areas with investment priorities in India?
IoT, cloud computing, networking, business process outsourcing, and client computing are the key ICT solution areas in India.
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Which are the ICT companies mentioned in India's enterprise ICT country intelligence report?
The companies mentioned in the India enterprise ICT country intelligence report are Microsoft, TCS, IBM, Accenture, and Meta, among others.
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