IT spending on new technologies to hit $10 bn by 2020: Core Quandrant

The spending on new technologies like cloud, mobility and analytics is expected to hit $10 billion (about Rs 60,000 crore) by 2020, research firm Core Quandrant said.

The spending is estimated to grow at a CAGR of over 24 per cent from about $3.3 billion (about Rs 19,800 crore) as against the overall IT growth of 11.7 per cent. “2015 is going to be crucial in the digital journey of the enterprises. This is the point when adoption of SMAC+ (social, mobility, analytics and cloud) moves from ‘casual flirting’ to ‘deeper building’ of individual pillars and more enterprises enlist digital as their innovation and growth engine, going forward,” Core Quadrant Principal Analyst Kapil Dev Singh said. “The spending of $10 billion in 2020 means that out of every $4 spent on IT by Indian enterprises and the government, $1 will go towards SMAC,” he said. Between 2015 to 2020, it represents SMAC spending of $37 billion by the enterprise and government sectors taken together. The software and services component of SMAC will grow the fastest, Singh added.