Mumbai: IT spending in India is expected to reach USD 71.3 billion in 2014, a 5.9 percent increase over 2013 forecast, research firm Gartner said Tuesday.
IT services will record the strongest revenue growth at 12.1 percent, while, software revenue will grow 10 percent and the telecommunication services segment, that accounts for 42.1 percent of the Indian ICT market, is expected to grow by two percent in 2014.
The IT market in India is the third-largest among emerging economies and the fourth-largest among developing and mature Asia/Pacific countries, Peter Sondergaard, senior vice president at Gartner and global head of research said in a statement.
"The digital world is here and this results in every budget being an IT budget. Every company is being a technology company, every business is becoming a digital leader and every person is becoming a technology company. This is resulting in the beginning of an era of the digital industrial economy," Sondergard said.
The telecommunications services market which includes fixed and mobile, data and voice services will continue to be the largest IT segment in India with IT spending forecast to reach USD 30 billion in 2014, the research firm said.
The devices market, which includes mobile phones, PCs, tablets and printers is expected to total USD 23.5 billion in 2014, a 6 percent increase from 2013, the report said.
IT services, on the other hand, will record the fastest growth amongst the various segments, and it is projected to grow 13 percent to reach USD 11.2 billion in 2014, while software will account for USD 4.1 billion in revenue.
First Published: Tuesday, October 22, 2013, 19:30