How India’s ICT Sector is Shaping Digital Transformation Across Key Industries

In 2023, India's digital transformation market was valued at USD 31.2 billion, and it's projected to grow by over 25.1%, reaching USD 149.1 billion by 2030. This surge is fueled by the increasing adoption of the Internet of Things (IoT) and the expanding manufacturing sector in the country.

India, as a significant player in the ICT industry, is poised to embrace digital transformation across key sectors such as BFSI, healthcare, e-commerce, and government, all aiming to boost productivity and service quality.

One prominent trend in the market is the rise of the connected cloud, which offers unparalleled sophistication by allowing data access anytime, anywhere. Organizations are leveraging cloud technologies to run multiple applications and analyze vast data sets, enhancing operational efficiency.

SMEs are also increasingly deploying cloud solutions as they provide an opportunity to enter the market with minimal investment, bypassing the need for hardware. This trend is linked to the swift adoption of cloud technology, which offers quick scalability.

Due to these factors, Indian companies, both large and small, have widely adopted cloud technology. Automation has also made cloud administration more efficient by reducing costs, saving time, and eliminating manual processes.

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Regional Insights:

• In 2023, the solutions segment held a commanding 75% share of the market due to its widespread use in India’s digital transformation efforts.
• Cloud computing, delivered through private, public, and hybrid infrastructures, has evolved the business models of enterprises, both large and small.
• The key benefits of cloud solutions include pay-per-use models, low entry costs, and enhanced data management systems.
• The Indian government is a significant player in this space, leveraging cloud technology to expand its e-governance initiatives nationwide.
• Large enterprises account for 45% of the market, driven by their focus on flexibility and data security.
• Medium-sized businesses are experiencing the fastest growth, supported by government incentives and cluster programs, and benefiting from resource availability.
• In 2023, South India led the market with a 50% revenue share and is expected to maintain the highest growth rate. Key IT hubs such as Bengaluru, Chennai, and Kochi drive the region’s technological advancements. The region also contributes over 30% of the nation’s tax revenue despite housing just 20% of the population.

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