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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India ICT Market Size
India ICT market reached around USD 114.68 billion in 2023. It is projected to grow at a CAGR of 13.1% during 2024-2032 to reach nearly USD 347.25 billion by 2032.
| India ICT Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 114.68 |
| Market Size 2032 | USD Billion | 347.25 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 13.1% |
| CAGR 2024-2032 - Market by Type | Telecommunication Services | 15.1% |
| CAGR 2024-2032 - Market by End Use | Retail and E-Commerce | 15.9% |
| CAGR 2024-2032 - Market by Region | South India | 15.1% |
| 2023 Market Share by Region | West India | 24.5% |
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.
India ICT Industry Segmentation
India ICT Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Hardware
- Network Switches
- Routers and WLAN
- Servers and Storage
- Others
- Software
- IT and Infrastructure Services
- Telecommunication Services
| CAGR 2024-2032 - Market by | Type |
| Telecommunication Services | 15.1% |
| IT and Infrastructure Services | 13.9% |
| Hardware | XX% |
| Software | XX% |
Market Breakup by Industry Vertical
- BFSI
- IT and Telecom
- Government
- Retail and E-Commerce
- Manufacturing
- Energy and Utilities
- Others
| CAGR 2024-2032 - Market by | End Use |
| Retail and E-Commerce | 15.9% |
| IT and Telecom | 13.9% |
| Manufacturing | 12.1% |
| BFSI | XX% |
| Government | XX% |
| Energy and Utilities | XX% |
Market Breakup by Region
- North India
- East and Central India
- West India
- South India
| CAGR 2024-2032 - Market by | Region |
| South India | 15.1% |
| West India | 14.0% |
| North India | XX% |
| East and Central India | XX% |
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 2024-2032, aided by the rapid penetration of internet services and rising digitalisation of the economy.
| 2023 Market Share by | Region |
| West India | 24.5% |
| North India | XX% |
| East and Central India | XX% |
| South India | XX% |
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
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Industry Vertical |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
India ICT Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Get in touch with us today for customized, data-driven solutions tailored to your unique requirements!
Key Questions Answered in the Report
The market was valued at nearly USD 114.68 billion in 2023.
The market is projected to grow at a CAGR of 13.1% between 2024 and 2032.
The market is assessed to witness healthy growth in the forecast period to reach around USD 347.25 billion in 2032.
The different types of ICT in the market include hardware, software, IT and infrastructure services, and telecommunication.
The different industry verticals in the market include BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities, among others.
The different regions covered in the market report are North India, East and Central India, West India, and South India.
The key market players are IBM Corp., Microsoft Corp., Google LLC, Accenture Plc, Tata Consultancy Services Ltd., Tech Mahindra Ltd., Infosys Ltd., Wipro Ltd., HCL Technologies Ltd., and Bharti Airtel Ltd., among others.
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