ICT market to reach $24.3 bn by 2011

Mumbai: India's information and communication technology (ICT) market is estimated to reach $24.3 billion by 2011, rising 20.3 per cent annually, an industry research firm said on Wednesday.

'This growth will be driven by chief information officers (CIOs) continuing to build and consolidate the basic IT infrastructure, in addition to small and mid-size businesses increasingly leveraging technology to drive business growth and efficiency,' research firm Gartner Inc said.

Gartner said the total Indian ICT market was $9.6 billion in 2006, including hardware and software.

A worldwide survey of CIOs by Gartner has shown that average IT spend by Indian firms would rise 13 per cent in 2008 against a global average of 3.3 per cent.

'This increased spending by Indian CIOs is directed primarily towards building new business capabilities, with 30 per cent of IT spend allocated for business growth and 19 per cent towards business transformation,' the firm said.

The Indian technology landscape was evolving rapidly, driven by continued growth in the offshore services sector with strong domestic growth.

Indian firms are spending more on hardware and software than on people, it added