India’s enterprise ICT market to hit over $350b by 2028

Thanks to widespread digital transformation initiatives of businesses and government.

India’s enterprise information and communication technology (ICT) market is set to garner a compound annual growth rate (CAGR) of 17.1%, with revenue rising from $161.3b in 2023 to $354.6b by 2028, according to a GlobalData report.

This growth is driven by widespread digital transformation initiatives across businesses and government, it added.

The report highlighted strong investment momentum, with 87.9% of ICT decision-makers reporting higher enterprise ICT budgets for 2024 compared to the previous year.

Amongst the three IT infrastructure segments—hardware, software, and services—IT services will see the highest cumulative revenue increase from 2023 to 2028, according to the report.

GlobalData attributed this to the rapid adoption of cloud computing, which is set to grow at a CAGR of 25.3% during the forecast period.

“Continued adoption of hybrid work models, accelerated migration of workloads to cloud by SMEs and startups, and government initiatives like ‘Digital India’ are driving cloud computing services in the country. Local data centres, set up by AWS and Google, are also encouraging enterprises in India to migrate to cloud infrastructure,” said Pradeep Suresh Kulkarni, technology analyst at GlobalData.

The banking, financial services, and insurance (BFSI) sector will remain the largest contributor to India’s ICT market, accounting for 11.3% of cumulative revenue from 2023 to 2028, the report said.

Kulkarni noted a surge in digital service investments as the BFSI sector increasingly adopts digital transformation as a core strategy.

“The rise in contactless transactions is prompting banks to invest more in digital wallets, channels, and platforms to meet evolving customer behaviors. The swift adoption of unified payments interface and digital payments in the fintech space will further position the BFSI sector as a significant driver of ICT market growth,” Kulkarni added.

Additionally, India’s ICT market will continue to expand, supported by government policies such as tax incentives and digital infrastructure improvements aimed at enhancing small and medium enterprises’ competitiveness.

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