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Indian Software Market Up 10% to 4.76 Billion Dollars

Published: 10th April 2014 06:00 AM  |   Last Updated: 10th April 2014 01:20 AM   |  A+A-

Information Technology research and advisory major, Gartner said that Indian software market grew 10 per cent in 2013 as combined revenue clocked $4.765 billion when compared to $4.334 billion in 2012.

The announcement coming when Indian IT companies are gearing up to reveal their performance for Fy14. Despite concerns of global uncertainty, especially with top software export destinations like the US and Europe, software spending growth in India is the highest amongst the BRICS (Brazil, Russia, India, China, South Africa).

“The Indian software industry is in the middle of a multi year cyclical transition as organisations are focusing investments on technologies to support existing system structure,” Bhavish Sood, research director at Gartner said. He attributed the high growth rate to the ‘export-oriented focus over the last decade’.

“Although there is an economic slowdown, Indian enterprises are still judiciously investing in technology that can be tied to the business objectives and impact their bottom line. Indian enterprises are generally more price-sensitive compared with enterprises in mature markets, but now they are spending on technology that offers a significant upside in terms of agility or productivity gains with diligent planning,” he added.  Brazil grew at 7.8%, while China posted a growth rate of 7%. Russia grew at 8.9% and South Africa at 6.3%.

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