New data from market research firm IDC revealed that global spending on information technology (IT) products and services will grow to nearly $3 trillion in 2020, from $2.4 trillion this year.
IDC credits investments in cloud, mobility and big data technologies as the biggest source of growth in IT spending. Further, the market intelligence company said that 45% of global IT spending will come from firms with more than 1,000 employees.
More specifically, the financial services and manufacturing sectors are pouring significant amounts in digital transformation efforts, data suggest.
Additionally, consumer spending accounted for nearly 25% of IT revenues in the past year, largely due to what IDC calls “the ongoing smartphone explosion.” However, consumer PC, tablet, and smartphone purchases will experience modest growth, with the commercial segment driving growth for tablet computers.
"While the consumer and public sectors have dragged on overall IT spending so far in 2016, we see stronger momentum in other key industries including financial services and manufacturing," Stephen Minton, IDC vice president of customer insights and analysis told reporters. "Enterprise investment in new project-based initiatives, including data analytics and collaborative applications, remains strong."
The top sectors for growth also include healthcare, which is said to be the fastest growing, along with banking, media, and professional services. Telecommunications growth may plateau.