Worldwide ICT spending forecast to reach $4.3 trillion in 2020

2020-02-21 04:30

Worldwide spending on information and communications technology is forecast to reach $4.3 trillion in 2020, an increase of 3.6% over 2019, according to IDC. Commercial and public sector spending on information technology, telecommunications services, and business services will account for nearly $2.7 trillion of the total in 2020 with consumer spending making up the remainder.

The application development & deployment category will provide the strongest spending growth over the 2019-2023 forecast period with a five-year compound annual growth rates of 11.1%. Telecommunications services will represent more than one third of all ICT spending in 2020.

Consumer ICT spending will grow at a much slower rate resulting in a gradual loss of share over the five-year forecast period.

Four industries - banking, discrete manufacturing, professional services, and telecommunications - will deliver 40% of all commercial ICT spending in 2020.

More than half of all commercial ICT spending in 2020 will come from very large businesses, while small businesses and medium businesses will account for nearly 28%. IT services will represent a significant portion of the overall spending for both market segments - 54% for very large businesses and 35% for small and medium businesses.

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