India's IT spending set to touch $110 billion: Report

Overall IT spending in India is predicted to reach $110.6 billion in 2022, up 6.3% from 2021, as inflation, geopolitical instability, and skill shortages are not expected to slow down IT investments, according to a Gartner report.

In India, the forecast has been revised from the earlier estimate of $105.2 billion, primarily due to the growth in devices in 2021.

"In 2022, along with devices, Indian CIOs and business leaders will continue to increase their spending towards analytics, artificial intelligence, machine learning, customer experience and cloud," said Naveen Mishra, senior research director at Gartner.

The report also said worldwide IT spending is projected to total $4.4 trillion in 2022, an increase of 4% from 2021.

Software spending is expected to grow 9.8% to $674.9 billion in 2022 and IT services is forecast to grow 6.8% to reach $1.3 trillion globally.

The Russian invasion of Ukraine is not expected to have a direct impact on global IT spending, according to the report.