Among the BRICS (Brazil, Russia, India, China and South Africa) nations, the Indian software market experienced the highest growth rate.

Brazil grew at 7.8 percent, while China registered a growth rate of 7 percent. Russia grew at 8.9 percent and South Africa at 6.3 percent.

"India is growing faster than other emerging countries, which can be attributed to an export-oriented focus over the last decade. However, recent advances in IT communications infrastructure in the country has opened up new avenues for local consumption of IT software and associated services," Sood said.

Although there is an economic slowdown, Indian enterprises are still judiciously investing in technology that can be tied to the business objectives and impact their bottom line.

"Indian enterprises are generally more price-sensitive compared with enterprises in mature markets, but now they are spending on technology that offers a significant upside in terms of agility or productivity gains with diligent planning," Sood said.

Besides large enterprises, the Indian market also boasts a large potential small and midsize business (SMB) segment that is playing a crucial role in changing the consumption patterns of technology.

SMBs are on the threshold of leveraging ICT, but they currently lack the scale, and in some cases experience, which is inevitable in understanding and handling technology-related issues, Gartner said.

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