India’s Enterprise ICT Market to Grow at 17.9% CAGR Through 2029: GlobalData

India’s enterprise ICT market is poised for strong expansion, with revenues projected to grow at a healthy compound annual growth rate (CAGR) of 17.9% between 2024 and 2029, according to GlobalData. The growth is being driven by a rapidly expanding enterprise base, a vibrant startup ecosystem, the rise of Global Capability Centers (GCCs), and large-scale digital transformation initiatives across both private enterprises and government institutions.

GlobalData’s India Enterprise ICT Country Intelligence Report estimates that the market will nearly double from $176 billion in 2024 to $400.8 billion by 2029. This momentum is reflected in enterprise spending trends, with GlobalData’s 2025 ICT Customer Insight Survey showing that 96.3% of ICT decision-makers reported an increase in their technology budgets in 2025 compared to the previous year.

Among the three major ICT segments—hardware, software, and services—the services segment is expected to contribute the highest cumulative revenue growth over the forecast period. Cloud computing services will be the primary growth engine, projected to expand at a CAGR of 27.6%, as enterprises accelerate cloud adoption to improve scalability, agility, and cost efficiency.

Commenting on the trend, Bhushan Madhukar Firke, Technology Analyst at GlobalData, said the rapid uptake of cloud computing across industries, supported by government initiatives, is fuelling demand. He added that service providers are further accelerating adoption by offering end-to-end cloud transformation, hybrid integration, and enhanced monitoring and management capabilities.

The BFSI sector is forecast to remain the largest end-use vertical, accounting for 11.1% of cumulative ICT revenue between 2024 and 2029. Increased investments in AI, cloud, blockchain, and digital payment platforms are driving technology spend across banks and financial institutions.

GlobalData expects India’s ICT growth to be further supported by more than 1,700 GCCs, expanding 5G and broadband connectivity, rising AI adoption, and favourable regulatory and infrastructure policies that continue to attract investment and foster innovation.