As per research firm Gartner‘s latest report, Indian software market is expected to reach $5.3 billion in 2016, a 12.8% increase from 2015. Its growth and structure are being shaped by factors and forces of decentralized purchasing, consumerization, mobility, influence of other emerging markets, cloud-based implementations, and new consumption models, as per Bhavish Sood, research director at Gartner.
The report further added that the growth is being driven by increasing trends like Software as a service (SaaS) & Open source software (OSS) technology adoption and changing buying behaviours and purchasing styles associated with digital business and the digital India initiative of Indian government.
“FDI inflows in 2015 have grown to $30.9 billion, a 27% increase year over year. It is also evident that the Indian government is serious about leveraging information technology for effective governance,” Sood added.
Consumer focused brands are rapidly purchasing and adopting digital applications to expand their digital footprint and strengthen their competitive positioning. Increasingly, Indian enterprises are evaluating emerging technology solutions based on innovation and business impact rather than cost and ease of deployment.
It won’t be wrong to say that these innovations are being fuelled by the avenue of opportunities the Internet space has opened up. The growth in VC investments over last year has given leeway to businessmen to work on development and create useful products for mass adoption. To read the full report by Gartner, click here.