India’s technology spending is set to grow by 9.6% this year, with IT spending growth set to return to pre-pandemic levels and even better in 2024, the report shows.According to Forrester’s ‘India Tech Market Outlook 2023 and 2024’, the Indian economy is expected to grow by 0.8% in FY2023.
Nonetheless, it faces challenges from the depreciation of the rupee and rising current account deficit due to geopolitical events such as the Ukraine war.
According to the report, technology outsourcing and hardware maintenance will grow exponentially.
“Indian companies are moving from a 100% owned IT model to a project-based outsourcing model as new technologies capture the imagination of consumers and businesses,” the findings show.
Indian tech leaders no longer want to own, build, maintain and run products based on new technologies entirely on their own.
Telecom will see significant investment. Last year, the announcement of 5G and investments in technologies such as IoT, Web3, Metaverse, AI, and augmented/virtual reality (AR/VR) had a major impact on communications.
However, software and technology consulting and system integration will slow down.
“Software spending growth will decreasingly goes down slightly from 15% in 2022 to 14.5% in 2023,” says the report.
Growth in spending on technology consulting and systems integration will remain high, albeit slowing slightly from 11% in 2022 to 10.2% in 2023. Added IT operations or implementation.
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