BFSI, energy command high IT spends

The banking and financial service industries (BFSI) and the energy and utility segment recorded the highest average IT spends for 2006, according to Nasscom's 'Tracking of the IT adoption study 2006'.

Nasscom, the trade body of information technology software and services industry, also announced the eight winners of the 'India IT User Awards 2006'.

The study revealed that the BFSI and energy segments were most likely to remain the highest spenders in 2007 as well. The average spending in each of these verticals is expected to be in the range of 12 to 27 per cent.

The tourism and hospitality sector comes third, with its spending expected to grow by 13 per cent from the current Rs 18 crore.

One out of four large and medium-sized organisations are likely to increase their information technology budgets by around 10-19 per cent during the year, according to the study.

Speaking on IT spends, Kiran Karnik, president, Nasscom, said, "The year 2006 was a great year for the domestic IT market, which saw balanced growth across hardware, software and services segments. More and more Indian IT companies have now realised the growth potential in the domestic market and are targeting this space with customised products and solutions."