India’s IT spend to reach $124.6 billion in 2024, up 10.7%: Gartner

Date:

According to Gartner’s latest forecast, India’s IT spending is projected to reach $124.6 billion in 2024, marking a 10.7% increase from 2023. This growth follows a period of flat growth (-0.5%) in 2023 and will be primarily driven by investments in software, IT services, and devices. The most significant year-on-year increase is expected in the devices and IT services segment.

Gartner predicts a 10% growth in device spending in 2024, rebounding from a negative growth of -7% in 2023. Similarly, IT services, which experienced a 6.5% growth in 2023, is anticipated to surge by 14.6% in 2024.

Naveen Mishra, Vice President and Team Manager at Gartner, stated that Indian organizations are likely to invest in artificial intelligence (AI) and automation to enhance operational efficiency and address the shortage of IT talent. However, he noted that it won’t be until 2025 that generative AI (GenAI) starts making a notable impact on IT budgeting in Indian organizations.

This trend in India’s IT spending aligns with global patterns, as Gartner predicts an overall IT growth of 8% for 2024, compared to 3.5% in 2023. IT services are expected to see a growth of 10.4% in 2024, up from a single-digit growth of 7.3% in 2023.

Despite the buzz around GenAI, it is not projected to be a major spending factor until 2025. John-David Lovelock, Distinguished Vice President Analyst at Gartner, noted that in 2023 and 2024, very little IT spending will be tied to GenAI.

However, organizations continue to invest in AI and automation to increase operational efficiency and bridge IT talent gaps. Mishra added that while investments in AI and GenAI will contribute to IT spending growth in India, their impact on spending levels will not be evident until 2025. The positive aspect is the expected comeback of devices, including phones, smartphones, laptops, and personal computers.

This resurgence is anticipated due to numerous product launches in 2024, driven by consumers’ need to refresh their devices, especially phones, with enterprises also undergoing a refresh cycle to a smaller extent.

Exciting news! Storify News is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest news! Click here!

Disclaimer: (This story, title and image has not been edited by StorifyNews staff and is published content from other Source)

Piyush Banerjee
Piyush Banerjeehttps://www.storifynews.com/
Piyush Banerjee is an author and a passionate connoisseur of the world of media. With an appetite for knowledge and an insatiable curiosity, Piyush's writing delves into Films, Technology, and Global Affairs. Piyush has an innate love for storytelling, and has a fiction novel available on Amazon. He has been interested in Storify News for several years and is excited to make news more accessible and interesting to consume.

Share post:

Subscribe US

New York
broken clouds
4.5 ° C
5.7 °
2.6 °
72 %
5.1kmh
75 %
Sat
4 °
Sun
3 °
Mon
12 °
Tue
11 °
Wed
14 °

Popular

More like this
Related

Google Announced a deal with Reddit to Gain access to its Content Reportedly worth $60M annually

Google has struck a deal with Reddit, investing $60...

Will Organic Search Traffic Fall 25% by 2026 Due to AI Chatbots and Other Virtual Agents?

By 2026, Gartner, Inc. predicts a 25% decrease in...

Neuralink’s First Human Patient able to Control Mouse Through Thinking, Musk says

On February 20, Elon Musk, the founder of Neuralink,...

Advice on Financial Security for People Who Care About Innovation

In today's fast-paced and highly competitive business environment, innovation...