India’s IT spending to hit $72.3 billion next year

Indian flagA report from Gartner said that IT spends in 2016 will rise 7.2 percent from 2015 and be worth an estimated $72.3 billion.

Gartner said spend on internet of things (IoT) hardware will exceed $2.5 million a minute next year.

Mike Harris, group vice president of Gartner, said his company believed that in five years a million new devices will go online every hour.

But the real value of the IoT for India is not in the data itself but in the algorithms that make sense of the billions of connections.

Gartner believes that India will be the fast growing IT market for the second year in a row. By the end of 2019, the market will be worth $87.67 billion in revenues and while India is the the third largest market in Asia Pacific, by 2019 it will be the second biggest market, with China in the lead.

Mobile phones will represent nearly a third of the overall IT spend in 2016.

Gartner is also predicting that data centres will grow by close to four percent next year, with much of the growth from enterprise equipment and servers.