14 Dec 2018
A recent report by International Data Corporation (IDC) revealed that India’s software market is forecast to grow by 14.1% on a year-on-year basis by the end of 2018.
The software market is set to be valued at $5.7 billion in 2018.
In a statement, Ranganath Sadasiva, Director Enterprise Solutions, IDC India, said: "India stands among the top three contributors in the APeJ region's software market share, thus, accounting for 12.6 per cent of the overall market.
"Also, the country is estimated to achieve a compound annual growth rate (CAGR) of 14.4 per cent from 2017 and 2022 which is the highest growth rate anticipated amongst the APeJ countries for the above-mentioned period.”
The market research firm stated that applications in the software market made up the bulk of the spending with a 58.8% share, followed by AD&D with a share of 23.5% and SI software with a share of 17.7% in the first half of 2018.
Sadasiva went on to say, “Sustained growth in digital technology investments by Indian organisations to accomplish priorities such as modernisation of legacy infrastructure and achieving operational excellence are driving the growth story of India's software market.”
The Economic Times reports that throughout the 2017-2022 time frame, IDC added that the top areas of opportunity for the sellor community would be Collaborative Applications, Enterprise Resource Management (ERM) Applications and Content Workflow and Management Applications and Customer Relationship Management (CRM).