The enterprise ICT market in India will increase from $161.3 billion in 2023 to $354.6 billion in 2028, according to GlobalData's India Enterprise ICT Country Intelligence Report.
Digital India
Digital transformation initiatives by businesses and the government drive the market's growth, with a compound annual growth rate (CAGR) of 17.1%.
GlobalData projects that the services segment will see the highest cumulative revenue increase over the forecast period due to the high enterprise adoption of cloud computing services.
"Continued adoption of hybrid work models, accelerated migration of workloads to the cloud by SMEs and startups, and government initiatives like 'Digital India' are driving cloud computing services in the country. Local data centers, set up by AWS and Google, are also encouraging enterprises in India to migrate to cloud infrastructure," Pradeep Suresh Kulkarni, technology analyst at GlobalData, said.
BFSI
GlobalData projects that the Banking, Financial Services, and Insurance (BFSI) sector will be the largest end-use vertical segment for the ICT market in India in terms of revenue contribution, with an 11.3% share of the total cumulative revenue over the forecast period (2023-2028).
"As the BFSI sector increasingly adopts digital transformation as a core strategy, there will be a surge in investments in digital services and technologies like AI, cloud, and IoT. The rise in contactless transactions is prompting banks to invest more in digital wallets, channels, and platforms to meet evolving customer behaviors. The swift adoption of unified payments interface (UPI) and digital payments in the fintech space will further position the BFSI sector as a significant driver of ICT market growth," Kulkarni said.
