Gartner Forecasts Worldwide IT Spending to Grow 5.1% in 2023
2021 Spending 2021 Growth (%) 2022 Spending 2022 Growth (%) 2023 Spending 2023 Growth (%)
Data Center System 1,89,506 6.1 2,09,190 10.4 2,16,212 3.4
Software 7,32,030 14.8 7,90,385 8.0 8,79,625 11.3
Devices 8,07,580 15.8 7,39,982 -8.4 7,35,394 -0.6
IT Services 12,07,966 12.8 12,58,150 4.2 13,57,914 7.9
Communications Services 14,59,483 3.8 14,35,401 -1.7 14,69,220 2.4
Overall IT 43,96,565 10.2 44,33,108 0.8 46,58,416 5.1

Source: Gartner (October 2022)

Digital Transformation in India

India's digital transformation market is divided into five sectors based on vertical: telecom & IT, retail, manufacturing, transit and logistics, and banking, financial services, and insurance (BFSI). One of the most significant and rapidly expanding groups is BFSI. This can be attributed to organisations' increasing preference for digital operating models and customer satisfaction. Banks are concentrating on creating a new user interface and making procedures more customer centric. The BFSI industry needs to further accelerate its digital transformation and redesign each channel to meet customer requirements. The country's BFSI digital transformation market is anticipated to expand over the forecast period due to factors such as increasing customer interactions, productivity, and the need to enhance digital service offerings and become active digital organisations.

Global Digital Transformation analysis

Due to the shifting focus of banks and other financial institutions towards providing enhanced experiences as goods and services within the industry become commoditized, the BFSI sector dominated the market and accounted for the largest revenue share of over 28.3% in 2022. The market is primarily being driven by banking companies' increased emphasis on offering seamless assistance and technical support to develop customer-centric approaches. The way that banks and other financial organisations communicate with stakeholders has also changed as a result of COVID-19. More BFSI companies are embracing digital change as a result of the rising demand for remote working capabilities.

Over the forecast timeframe, the retail sector is expected to experience a significant CAGR of 26.8%. Increased internet usage and increased mobile application use for making purchases and other related decisions are to blame for the substantial growth of this market segment. Furthermore, by utilising kiosks and interactive displays to help consumers browse the complete catalogue of offerings, digitalization can be used to improve the in-store experience. For instance, malls have interactive digital displays that guide visitors through the layout of the store as well as the brands and food choices that are offered there. Additionally, web applications and digital e-commerce are used by retailers across all platforms to draw in new customers and keep hold of current ones.

Accelerating Digital Revolution in the BFSI Industry

Probuddy as an organization is investing heavily in the space of digital transformation focusing primarly on the highly regulated markets in the region BFSI primarly being a very strictly regulated industry space, ProBuddy is engaging with multiple small finance banks, credit houses, and tier 2 banking institution to identify opportunities and solutioning the same.

Probuddy is working on projects for creating RBI template, organizational resiliency projects with banks. ProBuddy is also working on projects involving Operation risk manangement and Regulatory compliance management to name a few. Probuddy with its forward looking take on digital transformation has enabled a strong R&D engine working on BeSpoke solutions to address some of the business process automation requirements identified.

Our consultants help automating your manual process by creating simple and easy to use workflows, custom built for your requirement. Digital Transformation can improve the effectiveness and efficiency of an organization’s operations in a systematic way. Process automation frees up time for higher-value work, faster processing, and greater efficiency by automating administrative tasks.

Our Digital transformation process utilises cutting-edge technology. We offer a solution that will support your department’s core business goals, whether you need a faster and more accurate monthly closure or more time to put the human back in Personnel Management.