- Worldwide revenues for information technology products and services are projected to grow 3.3% between 2015 and 2020, according to a report from the International Data Corporation (IDC).
- Overall, IT revenues will grow from nearly $2.4 trillion in 2016 to more than $2.7 trillion in 2020, according to the forecast.
- The financial services, healthcare and manufacturing industries are expected to see the most dramatic growth. The telecommunications industry and consumer areas are forecast to remain slow.
The study found most IT spending is currently spurred by investments in solutions that enable digital transformation efforts.
A survey released by Quickbase earlier this month indicated digital transformation is a priority for an overwhelming 97% of the C-level respondents.
Healthcare is projected to remain the fastest growing industry through 2020, though the financial services and manufacturing industries are expected to see strong growth as well, according to IDC. Together, banking, discrete manufacturing, process manufacturing and telecommunications will generate almost a third of worldwide IT revenues, according to the forecast.
"These service-based organizations are turning to 3rd Platform technologies like mobility and big data to enable more productive and meaningful ways to engage with clients," said Jessica Goepfert, program director at IDC.
In terms of company size, more than 45% of all IT spending worldwide will come from businesses with more than 1,000 employees, though that is expected to change gradually.
“Assuming the economy remains stable in 2017, smaller businesses will also begin to climb aboard the 3rd Platform in greater numbers," said Stephen Minton, vice president at IDC in a press release.