There is a lot of money to be made in the Indian information technology market, but decisions are slow, and large projects are subject to big delays.
A majority of Indian companies expect an increase in their IT outsourcing investment over the next two years as they are looking at reducing operational costs and improving business performance, a study has said.
The domestic IT services market in the country is estimated to more than double to $12.8 billion in 2013, a study said.
The emerging markets in Asia - China, India, Indonesia, Malaysia, the Philippines, Thailand and Vietnam - are accounting for an increasing percentage of the IT spending in the healthcare industry. These markets, especially powered by China, account for 59 per cent of the $3.4 billion IT spending in healthcare in Asia (excluding Japan) in 2007, with their share expected to increase to 64 per cent of the spending by 2010, Springboard Research, an IT Market Research firm said.
The figure is expected to rise to over Rs 4,600 crore (Rs 46 billion) by 2010 - a compounded annual growth rate of 44 per cent. Retail has been one of the largest growth sectors for all the top IT firms. For instance, Tata Consultancy Services, Infosys Technologies, Wipro Technologies and Satyam Computer Services saw their retail business grow by 33.6, 45.3, 38.5 and 117 per cent respectively on a year-on-year basis.
India has the fastest growing healthcare IT market in Asia, with an expected growth rate of 22 per cent, followed closely by China and Vietnam, says a report.
IT spending by the Media and Entertainment industry is expected to grow from the current $100 million (Rs 445 crore or Rs 4.45 billion) to $300 million (Rs 1,320 crore or Rs 13.2 billion) by 2010.
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