Worldwide IT spending is forecast to grow from $2.46 trillion in 2015 to more than $2.8 trillion in 2019, according to the new Worldwide Semiannual IT Spending Guide from International Data Corporation (IDC).
The new spending guide expands on IDC's previous IT spending forecasts by providing more detail on technology expenditures by geography, industry and company size. North America will provide the largest share of global IT spending throughout the 2015-2019 forecast period and is forecast to pass the $1 trillion mark in 2017, according to the report. IT spending in North America will grow at a 3.8% compound annual growth rate (CAGR).
Recent IT spending forecasts from other research firms have generally agreed that the top area for new IT spending will be around data analytics, though IT security will also get a significant piece of the new spending pie.
"With the global economy entering a new and uncertain phase, IT spending will be heavily influenced by economic cycles and wild cards over the next five years," Stephen Minton, vice president, Customer Insights and Analysis at IDC, said in a statement.
"In many industries, business leaders will turn to IT solutions, including data analytics and infrastructure optimization, to help them navigate the stormy economic waters,” Minton said. “For IT vendors, the need is greater than ever for a detailed approach to targeting pockets of growth and opportunity amidst this volatile economy."
The largest IT expenditures will be in the discrete manufacturing, banking and telecommunications industries, with each delivering more than 8% of all spending throughout the forecast period. These three industries will be followed by process manufacturing, federal/central government and professional services. The fastest growing vertical industry over the 2015-2019 forecast period will be healthcare, with a five-year CAGR of 5.5%.
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