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India ICT spending will reach $144 billion by 2023

The Indian IT industry continues to be one of the fastest-growing markets globally, according to reports, as it transitions from enterprise servicing to becoming an enterprise solutions provider.

The overall information and communications technology (ICT) spending in India is estimated to rise to $144 billion by 2023 from $101 billion in 2018 at a compound annual growth rate of 7.2%.

Trends show that by 2023 just over half of the ICT spend will be from the services segment in India.

There is an intentional and emphatic strategy to adopt cutting-edge technology as well as invest in emerging tech.

Key industry sectors, like energy, manufacturing and construction, are all designing their business models around an ICT-driven structure.

In fact, organisations from all sectors have clear digital transformation strategies and are looking to upgrade legacy IT infrastructure and shift to business process automation.

Most organisations have committed to cloud transition as they rely more heavily on big data and data analytics to drive their business.

Artificial Intelligence, chatbots and similar applications underpin much of their business intelligence and planning. Online business, internet commerce, social media-driven advertising are heavily reliant on mobility.

All of these multi-location, real-time data collection and analysis depends completely on good, fast connectivity. This means organisations are investing heavily on broadband – 4G and 5G.

The Indian government’s ambitions to be a leading digital economy is clear in its ‘Digital India’ platform. Attractive incentives and favourable policies have been enacted to encourage digital adoption and promote rapid growth.

The market itself has grown. A report shows that India will have over 907 million internet users by 2023, representing about 64% of the population.

Given that more than 65% of India’s population is below the age of 35, most Indians are digital natives. Thus, mobile penetration and internet connectivity will soon see total coverage, radically ramping up internet usage and consumption across the country. It will also change commercial patterns to be more internet-based.

It is estimated that there would be 2.1 billion networked devices by 2023 and machine to machine (M2M) modules would account for 25% of these networked devices.

Overall, online spending in India is expected to grow at 25% over the next five years to cross USD 130 billion.

Other sources say that India’s food-tech could grow at 25% CAGR by 2022-end. The industry is expected to go from the current USD 4 billion to USD 8 billion over the next three years. Fintech and food tech are both growing markets and are helping to mature supply chain logistics.

Increase in disposable income and rising ordering frequency combined with wider internet and mobile penetration are key factors driving the Indian food-tech industry.

Despite an increase in decision-making time, the extent of growth for most aggregators of food tech has increased six times in a two-year period (2017-19). With a presence in over 500 cities across the country, emerging markets are waiting to be tapped and explored which are built on increasing consumer confidence.

In education, an increasing number of start-ups, supported by the government have emerged to engage students with online learning opportunities.

The Department of Science and Technology (DST), for example, launched a television channel and online learning platform which generates its own content with frame-by-frame meta-tagging. Focussing on Science and Technology, this mode of learning also aims to empower women and girls and students from all walks of life to access free quality content

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