Science & Tech

IT Spending in India to Soar to $44 Bn This Year: Report

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India's spending on Information technology (IT) for 2024 is expected to grow 11 percent year-on-year, reaching $44 billion, an International Data Corporation (IDC) report said on Thursday.
As India's digital economy flourishes in 2024 and beyond, the International Data Corporation (IDC) predicts that IT spending in the country will surge at a Compound Annual Growth Rate (CAGR) of 9.9% in the coming years.
This upward trajectory is projected to surpass the $59 billion milestone by 2027, with the software market expected to consistently show double-digit growth throughout the forecasted period.
Generative AI (GenAI) will continue to further accelerate the adoption of AI in India, as an increasing number of leading organizations are actively exploring and investing in various GenAI use cases.
As technology leaders realize the pivotal role AI plays in their digital-first strategies, the report predicts that investments in GenAI will account for 26 percent of the overall AI spend in the country by 2027, with a Compound Annual Growth Rate (CAGR) of 101.6 percent.
Vasant Rao, Managing Director of IDC India and South Asia, said in the media statement that India Inc.'s digital transformation is still going strong as enterprises push forward towards a future empowered by AI. This shows Indian enterprises significantly increasing their investments in AI, paving the way for remarkable growth.
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