As per GlobalData, India is expected to witness remarkable growth in its overall spending on information and communications technology (ICT).

As per the firm, the ICT spending in India is estimated to rise to $144 billion by 2023 from $101 billion in 2018, growing at a compound annual growth rate (CAGR) of 7.2 per cent.

The services segment is estimated to account for nearly 52 per cent of the overall ICT spending. Further, ICT spending on services segment is estimated to increase to around $24 billion during 2018-2023. Further, the spending on hardware and software/applications is estimated to grow to around $10 billion and $8.4 billion during the same period.

According to Global data, Indian IT industry continues to be one of the fastest growing markets globally owing to its transitions from enterprise servicing to enterprise solutions provider. Strong adoption of emerging technologies such as social media, mobility, analytics and cloud (SMAC), artificial intelligence (AI) along with favourable government policies are primarily driving the growth.