Analysts Discuss the Outlook for the Indian IT Market During Gartner IT Symposium/Xpo 2021
Mumbai, NFAPost: IT spending in India is forecast to total $101.8 billion in 2022, an increase of 7% from 2021, according to the latest forecast by Gartner, Inc.
Commenting on the stupendous growth of IT spending in India, Gartner Research Vice President Arup Roy said the digital transformation trajectory that began as a pandemic response is here to stay for the next few years.
“India has experienced one of the fastest recoveries despite being one of the worst hit regions in the second wave of the pandemic in early 2021. In 2022, CIOs in India will build on renewed interest in technology from the business to gain funding for new IT projects,” said Gartner Research Vice President Arup Roy.
Indian CIOs are likely to increase their spending towards projects that drive innovation and modernizing legacy systems. Hiring a workforce that can deliver on these needs will also be a key priority.
Next year, Indian CIOs are prioritizing a move away from rigid and monolithic ways of doing business to a more composable business and IT architecture where they will be able to better respond to disruptions.
In 2022, all segments of IT spending in India are expected to grow, with software emerging as the highest growing segment. Spending on software is forecast to total $10.5 billion in 2022, up 14.4% from 2021 (see Table 1). While experiencing a slower growth rate than 2021, spending on software in 2022 is forecast be nearly double of what it was pre-pandemic.
As hybrid work adoption increases in the country, there will be an uptick in spending on devices in 2022, reaching $44 billion, an increase of 7.5% from 2021.
“The growth in devices is a combination of two components – hybrid work and pent-up demand from 2020 for device upgrades. Spending on devices will make up 43% of total IT spending next year,” said Gartner Research Vice President Arup Roy.
More detailed analysis on the outlook for global IT spending is available in the Gartner webinar “IT Spending Forecast, 3Q21 Update: Help Employees and Customers Stay Connected.”
Gartner’s IT spending forecast methodology relies heavily on rigorous analysis of sales by thousands of vendors across the entire range of IT products and services. Gartner uses primary research techniques, complemented by secondary research sources, to build a comprehensive database of market size data on which to base its forecast.
The Gartner quarterly IT spending forecast delivers a unique perspective on IT spending across the hardware, software, IT services and telecommunications segments. These reports help Gartner clients understand market opportunities and challenges.
The most recent IT spending forecast research is available to Gartner clients in “Gartner Market Databook, 3Q21 Update.” This quarterly IT spending forecast page includes links to the latest IT spending reports, webinars, blog posts and press releases.
About Gartner IT Symposium/Xpo
Gartner IT Symposium/Xpo 2021 is the world’s most important gathering for CIOs and other IT executives. IT executives rely on these conferences to gain insight into how their organizations can use IT to overcome business challenges and improve operational efficiency. Follow news, photos and video coming from Gartner IT Symposium/Xpo on the Gartner Newsroom, Smarter With Gartner, and on Twitter using #GartnerSYM.
About Gartner for High Tech
Gartner for High Tech equips tech leaders and their teams with role-based best practices, industry insights and strategic views into emerging trends and market changes to achieve their mission-critical priorities and build the successful organizations of tomorrow. Additional information is available at www.gartner.com/en/industries/high-tech. Follow news and updates from Gartner for High Tech on Twitter and LinkedIn.
Gartner, Inc. (NYSE: IT) delivers actionable, objective insight to executives and their teams. Our expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s most critical priorities. To learn more, visit gartner.com.