Political stability and improving economic sentiments have helped the software market in India grow by 10.7 percent in January-June 2014 period as compared to first half of previous year, research firm IDC said Monday. The formation of a stable NDA government resulted in some amount of positivity in the market which reflected in IT investments by major verticals like banking, financial services and insurance (BFSI), retail, manufacturing and e-commerce, IDC said in a statement.
The period also saw few of the big vendors closing major deals which were in the pipeline since early 2013 but did not materialise owing to economic and political uncertainties, it added. Though IDC did not disclose the size of the market in the first half of 2014, it had pegged the Indian IT software market at Rs. 10,913 crores in January-June 2013 period.
IDC expects the software market to grow at a stable pace in the next five years (2014-2018) with a healthy CAGR of 10.5 percent. Some of the areas which are expected to witness software uptake are mobile application development & mobile device management, security software, system software, analytics and engineering applications, IDC said.
In the January-June 2014 period, Microsoft led with 31.8 percent share of the software vendor market, followed by Oracle at 12 percent, SAP (6.5 percent), IBM(5.5 percent) and Synopsys (4.2 percent).
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