India ICT Market Size (2024 - 2029)

India ICT Market Analysis

The India ICT Market size was estimated at USD 273.50 billion in the current year and is expected to reach USD 421.59 billion in five years, registering a CAGR of 9.04% during the forecast period.

The ICT market is estimated based on IT hardware, software, and services supplied by organizations in the country. With India's digital transformation, the Indian information technology market has become more diverse, and several IT companies are establishing their presence by attracting skilled workers with low employment costs. Furthermore, favorable government policies have helped multiple small and large enterprises turn digital, increasing demand for ICT hardware, software, and services in India.

• The Indian market is considered one of Asia's leading and most rapidly growing markets for Digital Consumers, although businesses are also mixed in their adoption. Digital technologies are emerging as a game changer for every sector of India's economy, driven by digital capabilities increasing and connectivity becoming universal. Developing a digital infrastructure is fundamental for countries to move their digital value chains.
• The Government of India is driven to establish favorable policy and regulatory environments for the ongoing expansion of 5G, Internet of Things (IoT), Artificial Intelligence (AI), Cloud Technology, Blockchain and Machine-to-Machine (M2M), and many more sectors as a result of the ICT sector's rapid growth in India and its substantial contribution to the socioeconomic development of the nation. The government must prescribe the proper policy measures for ICT to become one of India's leading economic growth engines. The developments in the technological aspects will drive the studied market in the region.
• India's ICT sector is projected to accelerate in the years ahead, owing to favorable government regulation and implementation of 5G services. Initiatives such as the Internet of Things IoT, machine-to-machine communication, immediate HD video transmission, and smart cities are also being pushed by the Indian government. Innovation has been the driving force behind the growth of the digital economy in India. In addition, the ICT market in that country is expected to expand during the forecast period, and foreign organizations are set to invest there.
• In providing citizens with faster and more accessible services through its eGovernment Initiatives, India relies on information and communication technologies. The need for more skills, training, and infrastructure is preventing many citizens in the country from accessing these services.
• In India's battle against COVID-19, information and communication technologies have become one of the most important forces. The digitalization of several sectors and services, such as healthcare, education, online payments, products, and services delivered via the Internet or working from home, has been accelerated by the COVID-19 crisis. Digital technology has become indispensable to maintaining the functioning of communities during a period of lockdown and quarantine.

India ICT Industry Segmentation

ICT refers to various technological applications used to transmit and process information. Information, communication, and technology are combined to produce the term ICT.

The study tracks key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study also tracks the revenue accrued from the ICT types used in various industry verticals across India. Additionally, the study provides the Indian ICT market trends, along with key vendor profiles. The study further analyses the overall impact of COVID-19 on the ecosystem.

India's ICT Market is segmented by type (hardware, software, IT services, and telecommunication services), size of enterprise (micro, small, & medium enterprises, and large enterprises), industry vertical (BFSI, IT and telecom, government, retail & e-commerce, manufacturing, and energy & utilities), and geography (North, East, West, South).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.