India's IT spending is expected to rise by 7.2% in 2016 to reach $72.3 billion, according to a leading market research player Gartner.
"India will continue to be the fastest growing IT market for the second year in succession and will continue growing to total $87.67 billion by the end of 2019," Aman Munglani, research director at Gartner, said in a statement on 3 November.
India, currently the third largest IT market in the Asia Pacific, will become the second largest market by 2019, after China, he added.
Mobile phones, personal computers and tablets falling under the category of devices are expected to account for almost 33% of the overall IT spending in India, with the device business growing at 9.4% in 2016.
Gartner India's research head Partha Iyengar said that in 5 years, one million new devices will come online every hour and "these interconnections are creating billions of new relationships. These relationships are not driven solely by data, but algorithms".
Highlighting the crucial nature of algorithms, Iyengar added, "Data is inherently dumb. It doesn't actually do anything unless you know how to use it; how to act with it. Algorithms are where the real value lies. Algorithms define action. Dynamic algorithms are the core of new customer interactions."
The next great leap in machine-to-machine evolution in the Internet of Things (IoT) will be powered by the algorithmic economy, said Gartner in the statement.
"Organisations will be valued, not just on their big data, but the algorithms that turn that data into actions, and ultimately impact customers," it added.
