India’s IT Spending Set to Soar By 10.7% In 2024. In the rapidly changing world of technology, India is expected to spend a lot more on IT in 2024. A recent report by Gartner predicts that India’s IT spending will go up to $124.6 billion, which is a strong growth of 10.7% from the previous year. This increase is mainly because India is investing a lot in software, IT services, and devices. It shows that the country is serious about improving its technology skills and capabilities.
Key Highlights
1. Software Spending to Lead the Way
One big reason why there’s a lot more money being spent on IT is because people are expected to spend much more on software. The numbers show a big jump of 18.5% in 2024, and the total spending on software is predicted to be a whopping $46.6 billion. This increase is because more and more people want things like cloud computing, business software, and security software.
2. IT Services Spending to Show Healthy Growth
Simply put, spending on IT services is expected to go up by a good amount, around 14.6% in 2024. This part of the tech industry is predicted to reach $37.2 billion. The main reason for this increase is that more people and businesses are looking for services like managing their IT systems, developing applications, and getting advice on IT matters.
3. Devices Spending to Rebound
Even though the device industry had some problems lately, it’s expected to get better in 2024. We think it will grow by 6.5%. This improvement should make people spend around $32.7 billion on devices. The reason for this is that more people want to buy smartphones, laptops, and tablets.
Factors Driving IT Spending Growth
Several important reasons are behind the impressive increase in India’s spending on IT:
- Digital Transformation Initiatives: Businesses are spending a lot on IT to make their digital abilities better. This helps them provide customers with better experiences.
- Cloud Adoption: More and more businesses are using cloud computing to make their work smoother, save money, and become more flexible.
- Government Initiatives: The Indian government is encouraging digital projects, like Digital India. This support is a big reason why there’s a lot of spending on IT.
Impact of IT Spending Growth
The increase in spending on IT in India is a good thing that spreads positive effects throughout the economy:
- More Jobs: The IT industry creates a lot of jobs for people with different skills, providing work opportunities.
- Bigger Economy: Spending on IT helps the entire economy grow. It makes technology an important part of how India’s economy works.
- Better Work: By putting money into IT, businesses become more efficient and productive. This leads to new ideas and growth in different areas, making things work better.
Looking Ahead
Looking ahead, the future for spending on IT in India looks really good. According to what Gartner predicts, the amount of money people and companies spend on IT is going to keep going up. By the year 2026, it’s expected to reach a whopping $160 billion. This growth is likely because more and more money is being put into making things digital, and using cloud services more, and the government keeps supporting these efforts. So, in simple terms, it looks like India is going to spend a lot more on IT in the coming years.
India’s IT Spending Forecast (2024)
| Category | Projected Spending (in Billion USD) | Growth Rate |
| Software | 46.6 | 18.5% |
| IT Services | 37.2 | 14.6% |
| Devices | 32.7 | 6.5% |
| Total IT Spending | 124.6 | 10.7% |
FAQs
Q1: What is driving the surge in software spending in India?
The growth in software spending is primarily driven by the escalating demand for cloud computing, enterprise software, and security software as businesses invest in enhancing their digital capabilities.
Q2: How is the Indian government contributing to the growth in IT spending?
Government initiatives such as the Digital India program significantly promote digital transformation, fostering an environment conducive to increased IT spending.
Q3: What impact does the growth in IT spending have on the Indian economy?
The growth in IT spending positively impacts the economy by driving job creation, fostering economic growth, and improving overall productivity and efficiency across various sectors.
