IT spending in India will reach $100 billion by 2022: Gartner

The IT spending in India will reach $101.8 billion by 2022, up 7 percent from the previous year, driven by the digital transformation in the wake of the COVID-19 pandemic, according to Gartner.

In 2021, the IT spending stood at $91.88 billion, close to 17 percent growth from what the companies in India spent on IT in 2020. This growth is primarily driven by demand for IT and software services, which will grow at 9.1 percent and 14.4 percent, respectively in 2022 from the previous year.

While experiencing a slower growth rate than 2021, spending on software in 2022 is forecast to be nearly double of what it was pre-pandemic, the report said.

The Gartner report revealed that digital initiatives and workplace transformation are key priorities for businesses in 2022 and 2023. The market intelligence agency’s board of directors survey revealed that 57 percent of the board directors expect the risk appetite to increase as they invest more in technology to optimise existing business models and adopt new ones.