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IT Spending Market

Global IT Spending Market Size, Analysis, Report, Forecast: By Type: Data Centre Systems, Enterprise Software, Enterprise IT Services, Devices, Communications Services; Regional Analysis; Market Dynamics: SWOT Analysis, Key Indicators for Demand, Key Indicators for Price; EMR’s Key Indicators for Expenditure; 2024-2032

Global IT Spending Market Outlook

The global IT spending market size reached around USD 3.88 trillion in 2023. The market is further expected to grow at a CAGR of 3.5% in the forecast period of 2024-2032 to reach USD 5.29 trillion by 2032.

 

Key Takeaways

  • Investments in cloud infrastructure across various sectors support the market growth.
  • Cybersecurity concerns are contributing to increased expenditure on safety and security of IT infrastructure across organisations.
  • Digitalisation in developing countries is accelerating investments in advanced IT solutions, driving the market expansion

 

IT spending is the total money spent on IT systems and services by an organisation. IT spending is not only limited to IT organisations but is a significant aspect across diverse businesses, enabling the construction and maintenance of large-scale digital infrastructure and services. IT spending includes expenses related to hardware, software, professional services, cloud, and managed services.

 

Businesses are increasingly adopting methods to improve efficiency in their operations, often leveraging digital solutions. The occurrences of pandemics and closures on a global scale have reinforced the importance of robust IT infrastructure to support virtual collaborations. Robust digital infrastructure enables convenient, efficient, and secure working of organisations. Furthermore, the expansion of e-commerce, telehealth, and online education, among other sectors, has accelerated the need for virtual interactions, driving the integration of advanced IT solutions to provide improved communication services.

 

IT Spending Market

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Key Trends and Developments

Increasing investments in cybersecurity; adoption of artificial intelligence; growing digital infrastructure in emerging economies; and rising use of cloud computing are the major trends in the IT spending market

 

Date Company Event
Jun 2023 Amazon.com, Inc Amazon Web Services announced that it is investing USD 100 million to set up the AWS Generative AI Innovation Center.
Jul 2023 Wipro Ltd Wipro Ltd, announced an investment worth USD 1 billion to train its 2.5 lakh employees in AI and support technology improvements across its product offerings.
Jun 2022 Ernst & Young Global Limited Announced an investment of USD 1 billion in a next-generation technology platform.
Jul 2023 KPMG Announced to invest USD 2 billion to improve its professional services and AI offerings through an expanded partnership with Microsoft.

 

 

Trends Impact
Surging cloud spending Increasing reliance of businesses on cloud-based models due to their multiple benefits, including improved accessibility, cost-effectiveness, and scalability, is leading to a surge in IT spendings.
Investments in cybersecurity Growing concerns regarding cyberattacks and a focus on improving cybersecurity to ensure data protection are supporting the adoption of robust IT solutions.
Generative AI growth Businesses are investing in automation and AI to enhance operational efficiency and address IT talent gaps, driving collaborations and adding to the overall spending.
Rising IT spending in the retail sector Retailers are increasingly adopting cutting-edge retail technologies to be successful and profitable, as consumers seek streamlined and improved shopping experience.

 

Global IT Spending Market Trends

Both large and medium scale enterprises are investing in digitisation, automation as well as AI and cloud services, favouring the IT spending market growth. By investing in cloud software, companies can minimise the need for expensive in-house servers, storage, networking, and some other hardware components. Further, the use of AI capabilities, for instance in software audit management helps improve the performance even in data-heavy environments.

 

The digital transformation across diverse industries, including healthcare, retail, banking and finance, and entertainment, is a primary factor influencing the IT spending market share. Moreover, organisations are focusing on improving their existing infrastructure and integrating advanced solutions to tackle the growing issues of data theft and security breach. The security of data is expected to remain a strategic focus area for businesses seeking to maximise efficiency and profitability.

 

IT Spending Market by Type

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Market Segmentation

“Global IT Spending Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Type Data Centre Systems, Enterprise Software, Enterprise IT Services, Devices, Communications Services
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa

 

Enterprise software is further divide by type into business intelligence software, content management software, customer relationship management software, enterprise resource planning software, supply chain management software, and others. Meanwhile, enterprise IT services are categorised by type into customised software and app development, and services including IT consulting, among others.

 

Data centre systems account for a significant share of the global IT spending market

There is a growing need for data centres, supported by changing work habits and the growth of cloud-based technologies. The growing connectivity to the internet and digital transformation across various sectors are increasing the need for fast communication lines and data transmission technologies. The importance of stable communication and passing of the maximum amount of data per unit of time is encouraging organisations to constantly improve their data centre offerings.

 

Global IT Spending Market

 

IT Spending Market Analysis by Region

North America accounts for a significant share of the global IT spending market. Companies in the region are increasingly investing in technology initiatives at a higher level, with IT spending accounting for 13% of company revenue. Businesses are focusing on improving operational efficiency through investments in cloud and are increasingly spending on infrastructure consulting services and infrastructure as a service (IaaS) solutions to support their technological needs. The presence of well-established technological infrastructure in the region supports the market expansion. Meanwhile, the Asia Pacific and the Middle East and Africa are expected to be emerging markets, supported by economic stability and favourable government initiatives to support digitalisation across sectors.

 

Key Highlights of the Report

Report Features Details
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Region
Breakup by Type
  • Data Centre Systems
  • Enterprise Software
  • Enterprise IT Services
  • Devices
  • Communications Services
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global IT Spending Market Analysis

    8.1    Key Industry Highlights
    8.2    Global IT Spending Historical Market (2018-2023) 
    8.3    Global IT Spending Market Forecast (2024-2032)
    8.4    Global IT Spending Market by Type
        8.4.1    Data Centre Systems
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Enterprise Software
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
            8.4.2.3    Breakup by Type
                8.4.2.3.1    Business Intelligence Software
                8.4.2.3.2    Content Management Software
                8.4.2.3.3    Customer Relationship Management Software
                8.4.2.3.4    Enterprise Resource Planning Software
                8.4.2.3.5    Supply Chain Management Software
                8.4.2.3.6    Others
        8.4.3    Enterprise IT Services
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
            8.4.3.3    Breakup by Type
                8.4.3.3.1    Customized Software and App development
                8.4.3.3.2    Services Including IT consulting
                8.4.3.3.3    Others
        8.4.4    Devices
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Communications Services
            8.4.5.1    Historical Trend (2018-2023)
            8.4.5.2    Forecast Trend (2024-2032)
    8.5    Global IT Spending Market by Region
        8.5.1    North America
            8.5.1.1    Historical Trend (2018-2023) 
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Europe
            8.5.2.1    Historical Trend (2018-2023) 
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Asia Pacific
            8.5.3.1    Historical Trend (2018-2023) 
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Latin America
              8.5.4.1    Historical Trend (2018-2023) 
              8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Middle East and Africa
            8.5.5.1    Historical Trend (2018-2023) 
            8.5.5.2    Forecast Trend (2024-2032)
9    North America IT Spending Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe IT Spending Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5   Others
11    Asia Pacific IT Spending Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America IT Spending Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa IT Spending Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Key Indicators for Demand
    14.3    Key Indicators for Price

List of Key Figures and Tables

1.    Global IT Spending Market: Key Industry Highlights, 2018 and 2032
2.    Global IT Spending Historical Market: Breakup by Type (USD Trillion), 2018-2023
3.    Global IT Spending Market Forecast: Breakup by Type (USD Trillion), 2024-2032
4.    Global IT Spending Historical Market: Breakup by Region (USD Trillion), 2018-2023
5.    Global IT Spending Market Forecast: Breakup by Region (USD Trillion), 2024-2032
6.    North America IT Spending Historical Market: Breakup by Country (USD Trillion), 2018-2023
7.    North America IT Spending Market Forecast: Breakup by Country (USD Trillion), 2024-2032
8.    Europe IT Spending Historical Market: Breakup by Country (USD Trillion), 2018-2023
9.    Europe IT Spending Market Forecast: Breakup by Country (USD Trillion), 2024-2032
10.    Asia Pacific IT Spending Historical Market: Breakup by Country (USD Trillion), 2018-2023
11.    Asia Pacific IT Spending Market Forecast: Breakup by Country (USD Trillion), 2024-2032
12.    Latin America IT Spending Historical Market: Breakup by Country (USD Trillion), 2018-2023
13.    Latin America IT Spending Market Forecast: Breakup by Country (USD Trillion), 2024-2032
14.    Middle East and Africa IT Spending Historical Market: Breakup by Country (USD Trillion), 2018-2023
15.    Middle East and Africa IT Spending Market Forecast: Breakup by Country (USD Trillion), 2024-2032
 

Key Questions Answered in the Report

In 2023, the market attained a value of nearly USD 3.88 trillion. 

The market is estimated to grow at a CAGR of 3.5% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 5.29 trillion by 2032. 

The major market drivers include the increasing trend of digitisation, the rising adoption of cloud solutions, and the use of innovative technologies to improve the performance of data-heavy environments.

The key trends guiding the market include the growing awareness regarding the benefits of AI audit management, the rising economic development, and the increasing investments to boost the security of IT.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific. 

The major types of IT spending in the market are data centre systems, enterprise software, enterprise IT services, devices, and communication services.

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