Dec 09, 2022
India IT spending shows resilience despite global headwinds: Report
Despite strong global headwinds, Indian IT spending is expected to grow by 13.8 per cent this year, down from 25.3 per cent in 2021, an IDC report said on Thursday.
The overall drop in IT spending growth considers the recovery sentiment pervasive in Q1 2022 and the drag due to the weakening economic scenario in Q2 onwards.
According to the report, the contraction in IT spending is due to reduced consumer technology spending. Enterprise technology spending is stable as enterprises continue to protect their budgets and are managing by reallocating resources to needed items.
"Based on the current forecast of a mild global recession, we expect IT spending of Indian enterprises to demonstrate resilience in the short term," said Vinay Gupta, Research Director, IT Spending Guides, IDC Asia/Pacific.