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Indian IT spending to grow 11% YoY in 2024 to reach $44 billion: report

Economic Times

Economic Times · 1y ago

Indian IT spending to grow 11% YoY in 2024 to reach $44 billion: report

India's IT spending is predicted to hit $44 billion in 2024, growing at a rate of 11% annually, according to market intelligence firm IDC. The spending is expected to have a compound annual growth rate (CAGR) of 9.9% and surpass $59 billion by 2027. Notably, the AI spending in the country is projected to increase by 35% this year, with generative AI spending expected to surge by 160%. The software market is also expected to experience double-digit growth over the next three years, reflecting a continued investment in digital transformation by Indian enterprises.

Related News

India’s tech spending to grow by 10.8% in 2024, highest in APAC: report

Economic Times

Economic Times · 1y ago

India’s tech spending to grow by 10.8% in 2024, highest in APAC: report

Technology spending in India is expected to grow by 10.8% to reach $54.5 billion in 2024, the highest in the Asia Pacific region, according to a report by Forrester. The report also states that spending in AI-augmented software and services will outpace other IT categories. The overall technology spending in the Asia Pacific region is projected to grow at a compound annual growth rate of 6.4% to 7.4% per year, reaching $876 billion in 2027. The report highlights China, Singapore, Australia, and the rest of Southeast Asia as other regions with significant tech spending growth potential.

Spending on outbound tourism to rise 11% annually to reach $55 billion in 2034: Report

Money Control

Money Control · 1y ago

Spending on outbound tourism to rise 11% annually to reach $55 billion in 2034: Report

According to a report by Nangia NXT and Ficci, spending on outbound tourism in India is predicted to reach $55.39 billion by 2034, growing from $18.82 billion in 2024. The report highlights the dominance of packaged tours in the outbound market, accounting for 39.20% of the market share in 2024. Factors such as availability of Indian food options and awareness of niche tourism are expected to contribute to the growth. The report also mentions the rising interest in international travel among India's young and urban population.

Ecommerce, gaming, financial services made up 80% of online deals in H2 2023: Report

Economic Times

Economic Times · 1y ago

Ecommerce, gaming, financial services made up 80% of online deals in H2 2023: Report

According to a report by Worldline, ecommerce, gaming, utilities, government, and financial services accounted for nearly 80% of total online transactions in the second half of 2023. The report also highlighted the dominance of Unified Payments Interface (UPI) as the most popular payment mode in India. UPI transactions grew 56% YoY, with the volume reaching 65.7 billion and the value surging 44% to Rs 99.68 lakh crore. The report also noted a significant increase in payment acceptance channels, with the number of point-of-sale terminals growing 26% to reach 8.5 million.

Coforge Q4 results: Net profit rises 95% at ₹224 crore

Livemint

Livemint · 1y ago

Coforge Q4 results: Net profit rises 95% at ₹224 crore

Indian IT company Coforge reported slightly lower than expected fourth-quarter revenue due to weak tech spending from clients. The company's consolidated revenue rose by 8.7% YoY to INR 23.59 billion, falling short of analysts' estimates. However, net profit surged by 95% to INR 2.24 billion. Coforge also revealed plans to acquire up to a 54% stake in Cigniti Technologies and aims to grow revenue to $2 billion by fiscal 2027 while improving operating margin by 150–250 basis points in the same period.

Video market in India ranks 3rd largest in Apac, growing fastest to reach $17 bn by 2028

Money Control

Money Control · 1y ago

Video market in India ranks 3rd largest in Apac, growing fastest to reach $17 bn by 2028

According to an analysis by Media Partners Asia Research (MPA), the video market in India is valued at $13 billion, making it the third-largest in the Asia Pacific region. The report predicts that the Indian video market will continue to grow at a rate of 5.6% and reach a valuation of $17 billion by 2028. China remains the largest video market in the region, generating $64 billion in revenue, followed by Japan at $32 billion. The total Asia Pacific video industry revenue is expected to reach $165 billion by 2028.

Ecommerce funding falls 47% YoY to $224 Mn in Q3 2023

Inc42 · 1y ago

Ecommerce funding falls 47% YoY to $224 Mn in Q3 2023

The State of Indian Ecommerce Report for Q4 2023 reveals that funding in the ecommerce sector in India dropped by 47% YoY to $224 million in Q3 2023. No mega deals were observed during this quarter, indicating cautiousness from investors. However, the direct-to-consumer (D2C) sector remains a promising domain, securing 84.9% of the total ecommerce funding with $192 million. Seed stage funding increased by 11% YoY to over $29 million. The report also highlights positive consumer sentiment, with online festival sales reaching a Gross Merchandise Value (GMV) of $11 billion, up 16% from the previous year.

Indian cybersecurity startups poised for strong growth amid rising global spend: Accel's Prayank Swaroop

Economic Times

Economic Times · 1y ago

Indian cybersecurity startups poised for strong growth amid rising global spend: Accel's Prayank Swaroop

India's cybersecurity market has seen a growth of 25% annually since 2019, reaching over $6 billion in 2023. It is projected to continue expanding, with global spending estimated to touch $200 billion this year. Indian cybersecurity startups are expected to experience steady growth due to increased spending in the domestic market. Key highlights from the Accel Cybersecurity Summit 2024 indicate that Indian startups have the potential to make a global impact. Cyber attacks have risen by 71% YoY, making data security and privacy crucial concerns. The use of generative AI in cybersecurity is considered a gamechanger, enhancing operational efficiency and aiding in early vulnerability detection.

Global spending on GenAI software, solutions to reach $143 billion in 2027

Economic Times

Economic Times · 1y ago

Global spending on GenAI software, solutions to reach $143 billion in 2027

According to a report from the International Data Corporation (IDC), global spending on generative AI (GenAI) software and solutions is projected to reach $143 billion in 2027 with a CAGR of 73.3%. This growth rate is more than twice that of overall AI spending and significantly higher than worldwide IT spending. The report highlights that GenAI investments will transition from early experimentation to widespread adoption across various business activities. The largest area of investment during this build-out phase will be GenAI infrastructure, including hardware and system infrastructure software.

AI spending in India may triple to $5 billion by 2027: report

Economic Times

Economic Times · 1y ago

AI spending in India may triple to $5 billion by 2027: report

According to a report by Intel and IDC, spending on Artificial Intelligence (AI) in India is projected to triple to $5 billion by 2027. The report reveals that AI spending in India reached $1,703.8 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 31.5% between 2023 and 2027. The major contributors to AI spending in 2023 were AI infrastructure provisioning, augmented customer service agents, digital assistance, augmented threat intelligence, and program advisors recommendation systems. The report suggests that AI will have a significant presence in various sectors by 2027.

Indian Ecommerce Unicorns Spent $7.9 Bn To Earn $7 Bn In FY23

Inc42 · 12m ago

Indian Ecommerce Unicorns Spent $7.9 Bn To Earn $7 Bn In FY23

Indian ecommerce unicorns saw a significant increase in employee costs, spending over $1 billion in FY23, a 30% compound annual growth rate (CAGR) compared to FY20. The ecommerce sector in India has been thriving, with the unicorns generating over $7 billion in aggregate revenue during the financial year 2022-23. It is projected that the ecommerce sector, currently valued at $123 billion, will continue to grow at a CAGR of 19% and become a $400 billion opportunity by 2030. Investors have shown great interest in this sector, with over $34 billion raised by ecommerce startups between 2014 and H1 2024 via 1,833 deals.

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