Research firm IDC stated ‘India’s software market is likely to cultivate at 11.9 % year-on-year to touch USD 5.1 billion by the end of 2018.’
Research firm also said in Report that ‘The Indian software market continues to be one of the fastest growing and dynamic markets within the APeJ (Asia Pacific excluding Japan) region.’
“Digital transformation scheme and the drive for application modernization have led the growth story for the software market over the last 12 months, and are expected to attract persistent investments by Indian enterprises in 2018 as well,” it added.
As per IDC, applications contributed to the bulk of the spending with a 57.3 % share in the first half of 2017. This was followed by Application Development and Deployment and System Infrastructure (SI) software with shares of 24 % and 18.7 %, respectively.
Sandeep Kumar Sharma, IDC India Associate Research Manager (Software and IT Services) said organizations across all industry verticals and segments have jumped on the digital bandwagon, ensuing in spend on software like customer relationship management (CRM) to optimize their business processes and improve customer engagement.
The report said there was a mounting propel on security software as well — second fastest growing software market in the country — in the first half of 2017.
This is on account of sprouting threat landscape (especially with attacks such as WannaCry and Petya) and a climb in awareness of the criticality of security to dispel business risk.
Sharma also said that “Security software investments are being contemplated with an increasing level of intensity by a large section of Indian enterprises,” This is indicated by sustained investments in several security software categories such as end-point security, identity and access management, and messaging security, he added.
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Jatin Bhatia, From ITvoir News Desk