India ICT Market Report and Forecast 2025-2034

India ICT Market Outlook

• India’s digital economy is expected to attain a size of $1 trillion by 2027-28.

• India boasts approximately 821 million internet users and is the second largest internet market in the world.

• E-commerce platforms in India reached around GMV of US$ 60 billion in 2023, witnessing a y-o-y growth of 22%.

India ICT Market Growth

India’s digital economy is growing at 2.8 times the rate of its GDP growth. By 2026-27, it is expected to account for 20% of its overall GDP growth. Under the India AI mission launched in 2024, the government aims to establish AI compute capacity worth 10,000 GPUs by funding 50% of the total infrastructure development cost. This is expected to favour the growth of the electronics industry, thereby paving the way for innovation in the market.

In 2022, India witnessed a year-on-year surge of over 75% in the volume of digital payments, which reached 74 billion and recorded a value of USD 1,536 billion. This can be attributed to numerous factors, such as rising accessibility to high-speed internet, rising smartphone availability, and the consumer convenience provided by digital payment platforms like PhonePe and GooglePay. Increasing consumer dependence on digital apps for ticket booking, hotel reservations, and online shopping is expected to directly impact the BFSI sector, which is anticipated to increase the deployment of various ICT technologies.

The introduction of 5G networks is expected to facilitate real-time monitoring of industrial machines, thereby minimising the risk of machine failure and downtime. This is expected to enhance the productivity and efficiency of India’s manufacturing industry in the forecast period.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

India ICT Industry Segmentation

India ICT Market Share

Based on industry vertical, the market is divided into BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities, among others. Over the forecast period, the IT and telecom sector is projected to grow at a CAGR of 13.9% during 2025-2034, aided by the rapid penetration of internet services and rising digitalisation of the economy.

Leading Companies in the India ICT Market

Major companies like the Tata Group are focusing on developing semiconductor manufacturing, assembling, and testing plants in key regions like Gujarat and Assam to foster innovations in the India market for ICT.

• IBM Corp.

• Microsoft Corp.

• Google LLC

• Accenture Plc

• Tata Consultancy Services Ltd.

• Tech Mahindra Ltd.

• Infosys Ltd.

• Wipro Ltd.

• HCL Technologies Ltd.

• Bharti Airtel Ltd.

• Others

India ICT Market Report Snapshots

India ICT Market Size

India ICT Market Growth

India ICT Market Share

India ICT Companies