International Data Corporation predicts worldwide spending on information and communications technology will reach $4.3 trillion in 2020. This increase of 3.6% over 2019 includes commercial and public sector spending on information technology (hardware, software and IT services), telecommunications services, and business services.
Telecom services will represent more than one third of all ICT spending in 2020, the largest category at more than $859 billion, followed by fixed telecom services.
IDC anticipates consumer ICT spending will grow at a slower rate of 0.7% CAGR. Mobile telecom services and devices purchases will be the primary driver of consumer spending.
The research agency identifies 4 industries – banking, discrete manufacturing, professional services, and telecommunications – as delivering 40% of all commercial ICT spending in 2020.
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