India IT spending to grow 16.3 p.c. in 2012

NEW DELHI, INDIA: IT spending in India is expected to grow by 16.3 per cent to $43.57 billion (Rs 2.43 lakh crore) in 2012, research firm IDC (International Data Corp.) said.

As per IDC's report "India IT Market Overview Report - 2012", the total IT market in India is anticipated to grow to $43.57 billion this year from $37.46 billion (Rs 2.09 lakh crore) last year.

Despite lesser-than-expected GDP growth figures, India still commands a high growth rate, next only to China among BRIC countries, and higher than several developing economies, according to IDC.

The report also mentions that 38 per cent of the enterprise IT spending in 2011 was by the SME segment, which is expected to grow to 43 per cent by 2015.

Traditional verticals like banking, financial services and insurance (BFSI), communication and media, government, manufacturing and IT/ITeS continued to be the highest spenders in 2011 with a moderate growth rate (2010-2015) of 14 per cent to 18 percent, according to media reports.

According to IDC, investments on emerging technologies such as social media, cloud, mobility and big data are also being stepped up.