Software - India

  • India
  • Revenue in the Software market is projected to reach US$9.56bn in 2024.
  • Enterprise Software dominates the market with a projected market volume of US$4.00bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.82%, resulting in a market volume of US$14.42bn by 2028.
  • In global comparison, most revenue will be generated in the United States (US$353.50bn in 2024).

Key regions: United States, Canada, Germany, China, Japan

Region comparison

Analyst Opinion

India, known for its rapid technological advancements, has been witnessing a significant growth in the software market in recent years.

Customer preferences:
The Indian software market is driven by the increasing demand for digital transformation across various industries. Enterprises are adopting software solutions to streamline their operations, improve efficiency, and reduce costs. Additionally, the growing trend of remote work due to the COVID-19 pandemic has also led to an increased demand for software tools that facilitate collaboration and communication.

Trends in the market:
Cloud computing and Software as a Service (SaaS) are the two major trends that are driving the software market in India. The adoption of cloud-based software solutions has been on the rise due to their scalability, flexibility, and cost-effectiveness. SaaS-based solutions are gaining popularity as they enable businesses to access software applications over the internet without the need for expensive hardware and software infrastructure.Moreover, the demand for Artificial Intelligence (AI) and Machine Learning (ML) solutions is also growing in India. Enterprises are leveraging these technologies to automate their operations, improve decision-making, and enhance customer experience. The Indian government's push towards digitalization and the increasing use of smartphones have further accelerated the adoption of AI and ML solutions in the country.

Local special circumstances:
India's software market is unique due to the presence of a large number of small and medium-sized enterprises (SMEs). These businesses have been adopting software solutions to improve their operations and compete with larger players in the market. The government's initiatives to promote entrepreneurship and innovation have also led to the growth of startups in the software industry.

Underlying macroeconomic factors:
India's software market is expected to continue its growth trajectory due to various macroeconomic factors. The country's young and tech-savvy population, rising disposable incomes, and increasing internet penetration are driving the demand for software solutions. The Indian government's focus on promoting digitalization and the growth of the e-commerce industry are also expected to fuel the growth of the software market in the country.In conclusion, the Indian software market is witnessing significant growth due to the increasing demand for digital transformation, cloud computing, SaaS-based solutions, and AI/ML technologies. The presence of a large number of SMEs and startups, along with favorable macroeconomic factors, are expected to further drive the growth of the software market in the country.


Data coverage:

The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.


  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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