FRAMINGHAM, MA: International Data Corporation (IDC) unveils a latest report on the expansion worldwide revenues for IT products and finds the market to grow at a CAGR of 3.3 percent during the forecast period 2015-2020. The report “Worldwide Semi Annual IT Spending Guide” foresees the revenues to reach $2.7 trillion in 2020.
The healthcare sector is expected to be the fastest growing industry with a CAGR of 5.7 percent while the banking and media organisations are expected to achieve 4.9 percent with revenues of more than $475 billion in 2020. However, the government enterprises are expected to lag behind the private sector.
The very large businesses are expected to contribute 45 percent of IT spending while a quarter of the revenues are expected to come from small office category. The medium and large businesses are expected to grow at a CAGR of 4.4 percent.
The large scale industries such as financial services and manufacturing seek for 3rd party solution as part of the digital transformation program. These companies continue to invest huge for cloud, mobility, and big data solutions. The telecommunications industries can show mere growth in the forecast period. The four sectors banking, discrete manufacturing, process manufacturing, and telecommunications, are expected to generate nearly a third of worldwide IT revenues.
"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," says Stephen Minton, vice president, Customer Insights and Analysis at IDC. "Enterprise investment in new project-based initiatives, including data analytics and collaborative applications, remains strong and mid-sized companies have been especially nimble when it comes to rapidly adopting 3rd Platform technologies and solutions. Assuming the economy remains stable in 2017, smaller businesses will also begin to climb aboard the 3rd Platform in greater numbers."