As per Gartner, the Internet of Things (IoT) hardware will exceed $2.5 million every minute in 2016. In five years, 1 million new devices will come online every hour. These interconnections are creating billions of new relationships not driven solely by data, but algorithms.
India will continue to be the fastest growing IT market for the second year in succession and will continue growing to total $87.67 billion by the end of 2019. India is currently the third largest IT market in Asia/Pacific, and by 2019 India will become the second-largest IT market within the Asia/Pacific region, following China.
Devices, which include mobile phones, PCs and tablets, will account for almost 33 per cent of the overall IT spend in India, and the devices segment will grow 9.4 per cent in 2016. Mobile phones will continue to be the single largest technology sub segment in India and the third fastest-growing through 2019.
IT services, which accounts for 18.1 percent of overall IT spend in India, will be the fastest growing segment in India in 2016 with 13.8 per cent growth year on year. Within these segments, business IT services will grow 15.2 per cent over 2015 figures.
Software, which accounts for nearly 7 per cent of IT revenue in India, will grow 12.7 per cent as a segment. Communication services will have for the largest share of IT spend in India and will account for 39.2 percent of revenue in 2016, however, this will also the slowest growing segment with a 2.1 per cent increase in revenue in 2016. Global digital commerce is now over $1 trillion annually.
Digital revenue will increase by more than 80 per cent by 2020. 125,000 large organizations are launching digital business initiatives now. For digital business to succeed, companies are creating innovation units.