- India’s software-as-a-service (SaaS) market is expected to surpass $26 billion in revenue by 2026, at a compound annual growth rate (CAGR) of up to 28% from $10.2 billion in 2022, despite the economic headwinds which has impacted IT spending, according to a report by Chiratae Ventures and Zinnov, released on Wednesday. The number of SaaS startups in India has doubled in the last four years to more than 1,650 active funded firms. Many of them have acquired the coveted unicorn status and have a combined value of $58 billion. The report claimed that 80% of B2B SaaS unicorns were created in the last three years. India now has the third highest number of SaaS unicorns (21) after the US (300) and China (28). The number of SaaS startups in India has doubled in the last four years to more than 1,650 active funded firms. Many of them have acquired the coveted unicorn status and have a combined value of $58 billion. The report claimed that 80% of B2B SaaS unicorns were created in the last three years. India now has the third highest number of SaaS unicorns (21) after the US (300) and China (28).
- Data-driven insights have been an absolute must for companies, especially in a growing economy like India. This massive digital user base generates a wealth of data, with the volume of data previously projected to reach 2.3 zettabytes by 2023, according to a report released by IDC.
- The Indian global captive centre (GCC) market can potentially grow up to $110 billion in value by 2030 from the current $45 billion, a new report predicts. The ‘Future of GCCs in India – a vision 2030’ report prepared by professional services company EY further said that India will have 2,400 GCCs by 2030, which could further increase to 2,550, positioning the country as the global hub for technology and services.
- According to Fortune Business Insights, Asia pacific is the fastest growing region in the global Machine Learning (ML) market. It is projected to grow at a CAGR of 37.6% during the forecast period. The global market is expected to grow from USD 19.20 billion in 2022 to USD 225.91 billion by 2030
- IT spending in Indian businesses is anticipated to reach $108.5 billion in 2023, despite global economic turbulence as per a latest report by Gartner.
- As per a new report published recently by global consultancy firm PwC, Indian companies are showing an upward trend towards adopting analytics and AI with a current implementation rate of 54%. An increased number of Indian businesses are adopting artificial intelligence (AI) and analytics to improve business operations.
- As per a report by Gartner, the IT spending in Indian businesses is anticipated to reach $108.5 billion in 2023. It indicates a modest 0.7% increase in IT spending. The manufacturing sector is highest in IT spending, followed by the BFSI and the IT sector.
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