IT end-user spending in India is expected to grow at a compounded annual growth rate of 14.8 per cent from 2007 through 2012 to touch $110 billion (Rs 484,000 crore) by 2012, says research and advisory firm Gartner.
In the current year, IT end-user spending is on way to reach $64.7 billion (Rs 2,98,345 crore), a 17.2 per cent increase from 2007.
This prediction, supplemented by a robust gross domestic product averaging 8 per cent growth from 2007 to 2012 means, the Indian market continues to represent a significant growth opportunity for IT vendors.
"Indian businesses continue to invest in IT in order to drive operational excellence and innovation. Small and midsize businesses will drive the growth of various IT-related industries, with the critical involvement of value added resellers, distributors and retailers," said Naveen Mishra, senior research analyst at Gartner.
Moreover, the report notes that India's domestic IT services market is the fastest-growing in Asia-Pacific with a CAGR of 20.2 per cent in these five years, reaching $11.8 billion (Rs 53,690 crore) in 2012.