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Industry Stats
Worldwide IT Spending Forecast to Reach $2.7 Trillion in 2020
New research from IDC finds that worldwide revenues for information technology products and services will grow from nearly $2.4 trillion in 2016 to more than $2.7 trillion in 2020. This represents a compound annual growth rate (CAGR) of 3.3% for the 2015-2020 forecast period. Among the trends in the forecast is the positive momentum displayed in big industries like financial services and manufacturing, where companies continue to invest in 3rd Platform solutions (e.g. cloud, mobility, and Big Data) as part of their digital transformation efforts.

In terms of company size, more than 45% of all IT spending worldwide will come from very large businesses (more than 1,000 employees) while the small office category (the 70-plus million small businesses with 1-9 employees) will provide roughly one quarter of all IT spending throughout the forecast period. Medium (100-499 employees) and large (500-999 employees) business will see the fastest growth in IT spending, each with a CAGR of 4.4%.

US Tech Spend: Business Technology (BT) Investments Will Rise 10% In 2016
Forrester recently released its US technology spend outlook, which includes data on tech spend and lays out how businesses should position their firms’ tech spending plans (see image below). Key findings show that:

  • While overall US tech market growth in 2016 will be subdued at 4.3% because of weak demand for hardware and licensed software, spending on business technology will increase by more than 10%, exceeding half of all new project spending.
  • Cloud adoption will hit a tipping point this year, as firms' use of software-as-a-service (SaaS) as a replacement for existing software will hit critical mass.
  • Next year will be a better year for the US tech market, and Forrester forecasts 5.1% growth overall and 8.9% growth for BT spending.
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