TMCnet News
India to be world's fastest growing enterprise software market by 2016: Gartner [India Business] [Times of India](Times of India Via Acquire Media NewsEdge) CHENNAI: The enterprise software market in India is projected to grow 13.7% in 2012, as revenue reaches $3.45 billion in 2012, according to Gartner, Inc. India's enterprise software market is forecast to maintain its strong performance, with an estimated compound annual growth rate (CAGR) of 14.6% from 2011 to 2016 - the highest growth rate in the world. The increasing globalization of the Indian economy is leading to a growing need for modern software with the latest features and improved functionality. "With Indian enterprises continuing to embrace IT to improve productivity and drive growth, penetration of information communication technology (ICT) infrastructure has been growing rapidly during the past decade. The primary drivers of growth have been domestic demand, the growing maturity of users and incremental enhancements in the technology," said Asheesh Raina, principal research analyst at Gartner. "India also enjoys a rich presence of international software and hardware vendors, backed by a very strong ecosystem of system integrators, service providers and business partners." In 2012, India will be the fourth largest enterprise software market in Asia/Pacific. The country is forecast to account for 11.4% of the region's total revenue of $30.30 billion this year, the equivalent to 1.24% of the total worldwide software of market share of $278 billion. By 2016, India's share of the software market in Asia/Pacific is expected to reach 12.68%, representing $5.98 billion in revenue, or 1.66% of total worldwide software market revenue of $359 billion. In comparison to other countries in the Asia/Pacific region, such as China (with 26.34% share of regional spending in 2011), the software market in India is still relatively small and evolving. (c) 2012 Bennett, Coleman & Company Limited |