Indian E-Commerce to Reach $100 Billion
According to estimates, 2008 will be a big catch-up year for Indian e-commerce.
”E-commerce transactions, which are currently growing at the rate of 30% to 40% in India, are expected to reach $100 billion [this year]," Bikky Khosla, CEO of the B2B portal Tradeindia told the Economic Times.
"With the advent of the Internet, far-flung global markets have shrunk into one small market, breaking [down] the geographical and other conventional barriers involved in trading." Not surprisingly, a report from IDC projects that India's information technology market will enter a new "growth trajectory" and expand 24% in 2008.
India's overall economy is growing approximately 9% per year, spurring domestic IT spending as companies upgrade computer systems to stay competitive and more and more consumers use the Internet.
Revenue from the domestic IT and outsourcing market will reach 1.1 trillion rupees ($27.9 billion) in 2008, partially offsetting a slowdown in IT spending worldwide, particularly in the US.
IDC analysts expect the 2008 worldwide IT market growth to slow to between 5.5% and 6%, down from last year’s estimated 6.9%. [eMarketer]
Worldwide IT Spend to Reach $1.5 Trillion
Information technology rules! Is IT spending slowing down? Not soon.
According to newly updated figures on worldwide IT spending from IDC, end users spent $1.16 trillion on information technology in 2006 and will increase spending at a compound annual growth rate (CAGR) of 6.3% to reach $1.48 trillion in 2010.
The global information technology market will expand nearly 30% over the next four years.
Of course, not all markets around the globe are expected to grow equally.
"Regional dynamics can significantly impact business challenges in different industries," said Anne Lu of IDC. "IT vendors should look closely at the unique industry and regional trends and business challenges of each target market and then segment their customers based on these needs."
The three major components of the IT market are software, hardware and services, and IDC forecasts growth in each area.
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India: A Huge Population Heading Online
'So far as I am able to judge, nothing has been left undone, either by man or nature, to make India the most extraordinary country that the sun visits on his rounds. Nothing seems to have been forgotten, nothing overlooked.'
Since Mark Twain visited and expounded on its beauty, India is still a fascinating place and, in many ways, more ancient than modern. But that may be changing.
Certainly many Indians would prefer that today their country be seen as a high-tech powerhouse, full of vast numbers of educated workers available for outsourcing projects and armies of engineers capable of designing and building the products of the future. And, as shown in the new eMarketer India Online report, India has become one of the most important development centers for software, IT outsourcing, R&D, biotech, customer contact, design and other knowledge-based products and services. And, with GDP growth at close to 7%, India has one of the fastest-growing economies in the world.
The only thing that does not seem to fit India's image of itself as a high-tech leader is the Internet. Currently, India's online numbers make it look like a laggard.
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