India Digital Transformation Market Share, Development and Forecast Report, 2030

NEW YORK - July 9, 2024 - PRLog -- The Indian digital transformation market was valued at USD 31.2 billion in 2023 and is projected to grow at a rate of over 25.1%, reaching USD 149.1 billion by 2030. This growth is driven by the increasing adoption of the Internet of Things (IoT) and the expanding manufacturing sector in the country.

As a key component of India's ICT industry, the nation is expected to positively embrace digital transformation, fueled by crucial sectors such as BFSI (Banking, Financial Services, and Insurance), healthcare, e-commerce, and government, all aiming to improve productivity and service quality.

Key Trends and Drivers

A significant trend in the market is the rise of the connected cloud, offering unparalleled sophistication by making data accessible from anywhere at any time. Organizations are leveraging cloud technology to operate numerous applications and analyze vast amounts of data. SMEs, in particular, view cloud deployment as a cost-effective entry point into the market, allowing for rapid adoption without the need for substantial hardware investments.

As a result, both small and large Indian corporations are increasingly adopting cloud solutions, streamlining the roles of cloud administrators by reducing costs, saving time, and eliminating manual processes.

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Regional Outlook

• Solutions Category: In 2023, solutions accounted for approximately 75% of the market share, primarily due to their extensive use in India's digital transformation initiatives.
• Cloud Computing: With private, public, and hybrid cloud infrastructures, cloud computing has evolved business models for both large and small enterprises. Benefits include usage-based payment, low entry costs, and robust data management systems. The Indian central government is a major player in this space, promoting e-governance through cloud adoption.
• Enterprise Size: Large enterprises lead with a 45% revenue share, emphasizing flexibility and data security. Medium-sized enterprises are the fastest-growing segment, driven by government incentives and cluster programs. Both large and medium-sized businesses contribute significantly to the country's digital transformation and economic growth.

Regional Highlights

• South India: In 2023, South India dominated the market with a 50% revenue share and is expected to maintain the highest CAGR. Key IT hubs such as Bengaluru, Chennai, and Kochi are pivotal to the region's technological advancements. South India contributes over 30% of India's tax revenue with 20% of its population.
• Government Initiatives: Programs like the Smart Cities Mission are attracting substantial investments. Noteworthy developments include proposed infrastructure projects in Amravati, Andhra Pradesh.