According to the annual MAIT Industry Performance Review (ITOPS) conducted research firm IMRB International, the IT hardware market is estimated to have touched USD 12.43 billion in 2013-14.
Asked about the outlook for the current fiscal, MAIT President Amarn Babu said: "The sector has immense growth potential and we are hopeful that the rise in the market will be in the range of 25-30 per cent."
Babu said considering the low PC penetration in India (at 9.5 per cent) compared to Russia's 57.1 per cent, Brazil's 45.4 per cent and China's 35.4 per cent, the country has tremendous scope for growth.
IMRB International Group Business Director BIRD Biswapriya Bhattacharjee said the growth in the market is also fuelled by spending by small and medium businesses (SMBs).
"Establishments have shown an impressive growth largely driven by increase in adoption of technology products among SMBs. This clearly indicates that SMBs are seeing technology as a way to increase business growth," he added.
According to the survey findings, total PC sales between April 2013 and March 2014, combining desktops, notebooks and netbooks were at 11.85 million units, registering a growth of 6 per cent over the last fiscal.
Desktop sales declined by 26 per cent to 5.01 million units, while notebooks and netbooks taken together recorded a consumption of 6.84 million units, growing 55 per cent over the last year.
PC sales are expected to be around 12.21 million units in fiscal 2014-15, a growth rate of three per cent.
Tablet PC sales grew by 76 per cent as against a triple-digit growth in the last two years. Sales in 2013-14 stood at 3.35 million units as against 1.9 million units in 2012-13.
The market is expected to grow by about 27 per cent in 2014-15 owing to consumers moving to adoption of large screen size smartphones.
During 2013-14, server sales registered a growth of 58 per cent over the last financial year and it stood at 104,075 million units in the current year.
Printer sales grew by 6 per cent during 2013-14 over the last fiscal year at 3.10 million units.
"As IT hardware market touches USD 12.43 billion, MAIT is optimistic about the more than double digit growth of tablet PCs, Notebooks, Inkjet printers for the year 2014-2015, MAIT Executive Director Anwar Shirpurwala said.
"We expect 100 per cent growth of smartphone during this time period with 4G networks getting rolled out and increased uptake of 3G data services. Government's mandate to boost manufacturing will also benefit the IT hardware sector," he added.