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New Delhi: The Indian software market grew 12.4 per cent year-on-year in January-June of 2019, according to an International Data Corporation (IDC) report on Thursday.
India's overall software market was estimated to grow at a compound annual growth rate (CAGR) of 14.1 per cent between 2018 and 2023, said the Worldwide Semi-annual Software Tracker report.
India accounted for 12.4 per cent share of the Asia Pacific, excluding Japanese region, software market. India is expected to achieve a higher growth rate vis-a-vis some other major economies in the region, according to the estimate.
"In the next 18-24 months, Indian organisations would be working on improving employee's productivity and profitability, delivering omni-channel experience to the customers, innovating and driving the disruptive digital ecosystem, and emphasising on the creation of data-driven and customer-centric organisation," said Mohsin Baig, enterprise software market analyst at IDC India.
IDC classifies the software market into three primary categories -- applications, application development and deployment (AD&D), and systems infrastructure (SI) software.
Applications contributed 61.3 per cent to the overall market revenues, followed by AD&D and SI software with shares of 22.4 per cent and 16.3 per cent, respectively, in the first half of 2019, said the report.
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