Tech’s biggest tech companies: Who’s who in India?
Tech’s top three tech companies account for a staggering 42% of the country’s GDP, according to a new study by India’s National Institute of Commerce and Technology.
That’s up from just 12% in 2014.
The study, which was conducted by the IIT-Bombay and National Centre for Science and Technology (NCST), shows that the top three companies account a whopping 41% of India’s GDP in 2016, compared to just 12.3% in 2016.
The top three players in the tech space are Amazon, Apple, and Google.
In India, Amazon’s market share in 2016 was 24.2%, while Apple’s was 22.2%.
The biggest growth was in Apple’s market, where the company grew from $2.2 billion in 2016 to $7.9 billion in 2017.
Apple’s growth in India has been slow, though.
In the last three years, the company has lost more than half its market share to Amazon, Microsoft, and others.
In a press release, IIT Bombay chief Dr. Rajeev Goyal said the report shows the importance of India in tech.
“India has been a critical driver of innovation in the IT sector for decades.
Our data shows that India’s technology sector is an important contributor to the growth of India-based IT companies,” Goyal wrote in the press release.
“We believe that the data shows the need for the Indian government to set up a dedicated research and development centre and a dedicated department of digital technology for this sector, as well as for the government to create an infrastructure for innovation in this sector.”
India is currently a leader in digitalisation.
The country’s tech industry employs around 6.5 million people and is estimated to be worth $1.8 trillion.