Domestic IT market to grow 9.7% in 2014: Study

Information technology (IT) spending in the country is expected to grow at 9.7 per cent and touch Rs 1,51,728 crore in 2014, as companies invest in technology to control costs, drive efficiency and ensure organic business growth, a study by research firm Coeus Age on Monday said.

According to the report titled Enterprise Business Priorities and IT Plans, India, 2014, the domestic IT spending in India grew 8.1 per cent in 2013 to Rs 1.38 lakh crore.

Based on inputs from 130 CIOs/IT heads of large and medium-sized Indian enterprises, the report gauges the perception of the companies regarding business scenario, priorities and plans regarding IT for the year 2014.

"After a very sluggish growth in 2013, the lowest since 2002, the year 2014 is expected to see the beginning of a new growth trajectory," Coeus Age Founder Kapil Dev Singh said.

2014 is the year of general elections at the Centre and with the new government formation being just six months away, the hope of revival is a natural outcome, he added.