Insurance is set to be the third fastest growth market for ICT in India

BANGALORE, INDIA: The Indian insurance market is forecast to be the third fastest growth market for ICT after retail and banking in 2015, according to Gartner, Inc.

With a projected growth rate of 9.4 percent, insurance companies are on pace to spend 118.9 billion rupees on IT products and services in 2014, and spending will increase to  130 billion rupees in 2015.  This forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.

Indian insurance companies are on pace to spend 4.2 billion rupees on mobile devices in 2015, with spending on tablets to increase by 64 percent over 2014. This growth is occurring even as spending on PCs is forecast to decline year-over-year in 2014 and 2015.

“Insurers in India are looking at how they can extend access to corporate applications via mobile devices,” said Derry Finkeldey, research director at Gartner. “This not only leads to spending on the devices, but also on mobile data management (MDM) platforms and other application development.”