Information and Communications Technology Market
- Provide an overview of the industry, including market size, trends, drivers, unmet needs and key players.
- Identify outstanding market research reports (if any).
- Global spending on information and communications technology (ICT) is projected to reach $4.3 trillion in 2020, with IT spending accounting for more than half of it.
- The six categories with the highest five-year compound annual growth rates (CAGR) are application development and deployment (11.1%), applications (9%), infrastructure (8.9%), system infrastructure software (6.7%), project oriented (5.5%) and others (1.5%).
- Among the key drivers for investment in the industry is a strong focus on customer experience and creating innovative products and services.
- Some of key challenges for the industry are slow economic growths, weak investment, uncertainty in product expectations, protectionism and geopolitical tensions.
Insights and Trends
- Very large businesses (more than 1,000 employees) will account for more than half of commercial ICT spending while small and medium businesses (SMBs) will account for 28%.
- There is an increasing emphasis on digital transformation among SMBs. Those that are making investments in related technology are almost twice as likely to post double-digit growth in revenue compared to their indifferent counterparts.
- Among the trends in communications technology is the IT convergence. IT insurgence into traditional cellular arenas was seen throughout 2019 and the trend is expected to continue.
- Some of the top players in the market are Microsoft, HP, Cisco, Dell, WM, Ware, IBM, Intel, Oracle-Sun, CISCO and SAP.
The initial research has identified a few market insights, including global spending, growth rates and some top players in the market. There are a number of trends and segments within the market that may be further researched for details. The scope of this research is global.
Proposed next steps:
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