IDC Report: The Growth Of The Software Market In India Has Reached 14% In 2018

Jyotis - Dec 15, 2018

The compound annual growth rate (a.k.a CAGR) could be touch 14.4% in the period of 2017-2022.

On Friday, the International Data Corporation (IDC) has reported that along with a string of Digital Transformation initiatives (DTI), the year-on-year growth of the software market in India will reach 14.1% by the end of 2018.

Concerning the share of the software market, India has now been under the top three countries of the APeJ region.

In the “Semiannual Software Tracker 1H 2018” of Asia Pacific excluding Japan (also known as APeJ) published by IDC, India’s software market is expected to stay at $5.7 billion this year. Concerning the share of the software market, India has now been under the top three countries which belong to the APeJ region. We can see it clearly through its percentage on the global market: The country’s share occupies 12.6%.

Besides, the Director Enterprise Solutions of IDC in India stated that the compound annual growth rate (a.k.a CAGR) could be touch 14.4% in the period of 2017-2022. That means among the countries under the APeJ, India would be the one with the highest growth rate.

The market research firm revealed that in India’s software market, up to 58.8% of shares were taken from Applications, while AD&D software accounted for the second highest number of shares: 23.5%. The third position is SI software with shares of 17.7%. The abovementioned data was collected in the first 6 months of 2018.

The ERP software helps enterprises to manage their customers.

The Indian organizations have invested much in digital technologies, which have brought sustainability to the country’s growth. As a result, they have reached the top priorities like modernizing the existing infrastructures as well as completing the operations. These factors aim to spur the growth of the software market in India.

Talking about the period from 2017 to 2022, the International Data Corporation further said that the vendor community would gain the most likely chances in some specific areas. These areas include Customer Relationship Management (CRM for short), Collaborative Applications, Content Workflow & Management Applications, and Enterprise Resource Management (ERM) Applications.