New Delhi, 14 March

The IT spending in India is likely to grow at a compound annual growth rate of 9.9 per cent over the coming years to cross the USD 59 billion mark by 2027, as the software market consistently showing double digit growth across the forecasted years, International Data Corporation (IDC) said on Thursday.

The IT spending in India for 2024 is expected to grow by 11 per cent year-on-year to reach USD 44 billion in 2024, according to market research and analysis firm IDC.

While speaking at India CIO Summit organised by IDC, the company's Head of WW Strategy and Senior Vice President & Regional Managing Director for EMEA Steven J Frantzen said Generative AI (GenAI) will continue to accelerate AI adoption in India, with more leading organisations exploring or investing in GenAI use cases.