India ICT Market Size and Share - Outlook Report, Forecast Trends and Growth Analysis (2025-2034)

India ICT market reached around USD 114.68 Billion in 2024. It is projected to grow at a CAGR of 13.10% during 2025-2034 to reach nearly USD 392.75 Billion by 2034.

India ICT Market Outlook

• India's digital economy is expected to attain a size of $1 trillion by 2027-28.
• India boasts approximately 821 million internet users and is the second largest internet market in the world.
• E-commerce platforms in India reached around GMV of US$ 60 billion in 2023, witnessing a y-o-y growth of 22%.

India ICT Market Growth

India's digital economy is growing at 2.8 times the rate of its GDP growth. By 2026-27, it is expected to account for 20% of its overall GDP growth. Under the India AI mission launched in 2024, the government aims to establish AI compute capacity worth 10,000 GPUs by funding 50% of the total infrastructure development cost. This is expected to favour the growth of the electronics industry, thereby paving the way for innovation in the market.

In 2022, India witnessed a year-on-year surge of over 75% in the volume of digital payments, which reached 74 billion and recorded a value of USD 1.53 trillion. This can be attributed to numerous factors, such as rising accessibility to high-speed internet, rising smartphone availability, and the consumer convenience provided by digital payment platforms like PhonePe and GooglePay. Increasing consumer dependence on digital apps for ticket booking, hotel reservations, and online shopping is expected to directly impact the BFSI sector, which is anticipated to increase the deployment of various ICT technologies.

The introduction of 5G networks is expected to facilitate real-time monitoring of industrial machines, thereby minimising the risk of machine failure and downtime. This is expected to enhance the productivity and efficiency of India's manufacturing industry in the forecast period.

India ICT Industry Segmentation

India ICT Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type:

• Hardware_x000D_ _x000D_ Network Switches _x000D_ Routers and WLAN _x000D_ Servers and Storage _x000D_ Others _x000D_ _x000D_
• Hardware_x000D_ _x000D_ Network Switches _x000D_ Routers and WLAN _x000D_ Servers and Storage _x000D_ Others _x000D_ _x000D_
• Software
• Software
• IT and Infrastructure Services
• Telecommunication Services

Market Breakup by Industry Vertical:

• BFSI
• IT and Telecom
• Government
• Retail and E-Commerce
• Manufacturing
• Energy and Utilities
• Others

Market Breakup by Region:

• North India
• East and Central India
• West India
• South India

India ICT Market Share

Based on industry vertical, the market is divided into BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities, among others. Over the forecast period, the IT and telecom sector is projected to grow at a CAGR of 13.9% during 2025-2034, aided by the rapid penetration of internet services and rising digitalisation of the economy.

Leading Companies in the India ICT Market

Major companies like the Tata Group are focusing on developing semiconductor manufacturing, assembling, and testing plants in key regions like Gujarat and Assam to foster innovations in the India market for ICT.

• IBM Corp.
• Microsoft Corp.
• Google LLC
• Accenture Plc
• Tata Consultancy Services Ltd.
• Tech Mahindra Ltd.
• Infosys Ltd.
• Wipro Ltd.
• HCL Technologies Ltd.
• Bharti Airtel Ltd.
• Others

India ICT Market Report Snapshots

India ICT Market Size

India ICT Market Growth

India ICT Market Share

India ICT Companies