The Indian IT services and products market is expected to grow at 17 percent to reach USD 51 billion till 2014, a research study said on Tuesday.

According to the study brought out by CyberMedia Research, the overall India domestic IT services and products markets will touch Rs.1,71,698 crore-level in 2012, while the size of the segment will touch Rs.2,33,930 crore by 2014.

"A large chunk of IT hardware and software products will witness good traction on account of the healthy growth in IT services as enterprises try to gain the best leverage out of their IT deployment," said Anirban Banerjee, associate vice president of CyberMedia Research.

Banerjee further said that domestic IT services and IT-enabled services markets will grow at a compounded annual growth rate (CAGR) of 21.1 percent and will reach Rs.98,188 crore by 2014.

IT product segments like software are expected to grow by 20.1 percent followed by servers at 13.3 percent and personal computers at 12.9 percent "driven by new deployments plus productivity enhancement initiatives in the business enterprise segment, and continued strong consumer demand for clients, particularly for notebook PCs", said the report

The report also pointed out a staggering 53 percent CAGR growth of "Cloud Computing" in India which is expected to touch Rs.2,434 crore by 2014.

"Penetration of Cloud Services in the India enterprise segment, which was at 4 percent in 2010 would increase to 6.8 percent by 2012," the report said.

The report also mentions about several key industries which will be potential growth drivers for the Indian IT-services and products market like healthcare and life sciences segment media, retail, government sectors, education and power utilities.