The Indian software market is expected to touch $6.1 billion by the end of 2019, a year-on-year (YoY) growth rate of 13.7%, a new study by market research firm IDC said.
According to the study, India maintained its position as one of the top three contributors in the Asia-Pacific-excluding-Japan region, accounting for 12% of the overall market.
“Over the course of the next 24 months, Indian organisations would attempt at maximising their investments in analytics, cloud, and artificial intelligence through appropriate monetisation mechanisms. This is slated to act as a catalyst in driving digital transformation across organisations," said Ranganath Sadasiva, director, enterprise solutions, IDC India.
The study also said that for the period of 2018-2023, enterprise resource management (ERM), collaborative applications, and customer relationship management (CRM) are going to be the top opportunity areas for the vendor community.
According to the market research firm, the software market is classified into three primary categories: Applications, application development and deployment (AD&D), and systems infrastructure (SI) software. In the second half of 2018, applications accounted for the bulk of the spending, with a 59.7% share, followed by AD&D and SI software, with shares of 22.8% and 17.5%, respectively.