India’s enterprise ICT market is set to increase at a robust compound annual growth rate (CAGR) of 17.9% from 2024 to 2029. This growth is driven by expanding enterprise sector, thriving startup culture, emergence of global capability centers (GCC) and widespread digital transformation initiatives across businesses and government establishments, according to GlobalData, a leading data and analytics company.
GlobalData’s India Enterprise ICT Country Intelligence Report reveals that the ICT market in India will grow from $176 billion in 2024 to $400.8 billion in 2029. This growth aligns with the positive IT investment sentiment seen among the enterprises put to perspective by GlobalData’s 2025 ICT customer insight survey, which shows that 96.3% of the key ICT decision-makers have confirmed that there has been an increase in their enterprise ICT budgets in 2025 compared to previous year.
Of the three IT infrastructure segments—hardware, software, and services—the services segment is expected to record the highest cumulative revenue growth over the forecast period. This growth is especially led by cloud computing services, which is set to grow at a CAGR of 27.6% during the forecast period.
Bhushan Madhukar Firke, Technology Analyst at GlobalData, comments: “The rapid adoption of cloud computing by Indian enterprises across multiple sectors and government initiatives is supporting cloud services. Meanwhile, service providers are boosting cloud service adoption by delivering end-to-end cloud transformation services, enabling hybrid integration, and ensuring stronger management/monitoring.”
BFSI is the largest end-use vertical
GlobalData’s forecast highlights that the BFSI sector will remain the largest contributor to the India’s ICT market, accounting for 11.1% of cumulative revenue from 2024 to 2029.
Banks and financial institutions are ramping up investment in digital services and adopting technologies including AI, cloud and blockchain. Furthermore, the continued shift toward contactless payments is accelerating spend on digital wallets, digital channels and supporting platforms to align with evolving customer expectations.
Firke concludes: “India’s ICT market will continue to expand, encouraged by the presence of over 1,700 GCCs that serve as major transformation hubs accelerating cloud modernization. AI adoption and advanced software engineering across industries, enhanced connectivity through 5G and broadband; and supportive regulations and infrastructure incentives will also help the sector attract investments and foster innovation.”
