Global IT spending this year is projected to reach $2.4 trillion, a 3.5% increase from 2016.

IDC announced that global IT spending is projected to grow at a compound annual growth rate (CAGR) of 3.3%, reaching $2.65 trillion in 2020. It predicted that these industries would lead IT spending as investments in digital transformation expand in financial services—including banking, insurance, securities, and investment services—as well as in assembly and process manufacturing. Technology investments in these two industries are expected to account for approximately 30% of total IT revenue.

Telecommunications, professional services, and government are also expected to be major industry sectors investing heavily in IT products and services. The industry sectors expected to show rapid spending growth during the forecast period are professional services, healthcare, and banking.

▲ IT spending growth rates of major industrial sectors (2015–2020)

In addition, while consumer purchases will account for more than 20% of IT revenue, consumer IT spending is expected to grow by only 0.3% during the forecast period as purchasing priorities shift from devices to software sectors such as security, content management, and file sharing.

"An IDC official stated, 'Strong spending trends are emerging, such as investments in data analytics software in the financial services and utilities sectors, as well as increased spending on IT services in the telecommunications and banking sectors. Even with global economic volatility, industry-driven opportunities are expected to continue to arise.'"