Against the backdrop of increased focus on the country's infrastructure development, IT spending by enterprises is expected to grow at a substantial pace to touch USD 40 billion in three years, according to Gartner.

Global IT research firm Gartner has projected that enterprise spending on information technology in the country, would see an average compound annual growth of 11 per cent.

"Enterprise IT spending is expected to see good growth in the coming years. Going by estimates, the expenditure is likely to reach around USD 40 billion by 2013," Gartner's Vice President Rakesh L Kumar told PTI.

Currently, the domestic market is estimated to be worth about USD 23 billion.

He noted that India's good economic growth coupled with government-led core infrastructure projects, would provide increased opportunities for information and communication technology (ICT) companies.

"Target financial services, government, communications and manufacturing as the fastest-growing sectors for enterprise IT investment," Kumar said.

He pointed out that enterprise IT spending across the Asia-Pacific region is anticipated to surpass USD 300 billion by 2013.

According to Gartner, infrastructure improvements would help raise annual enterprise IT spending growth in the coming months.