ICT spending to grow at 4% per year reaching $4.6 trillion: IDC

ICT spending on hardware, software, services and telecommunications will grow at 4 percent per year reaching $4.6 trillion by 2022, the latest ITC report said.
IT spendingCommercial customers’ ICT spending will be around $2.9 trillion, representing 63.5 percent of total spending by 2022.

Consumers will be spending $1.7 trillion on ICT by 2022, accounting for 36.5 percent of the total spending.

Fastest spending by

Professional services segment – 7%
Media – 6%
Banking – 5%
Retail  — 5%
Manufacturing – 5%

The slowest growth in commercial ICT budgets will be from federal government, followed by wholesale and construction firms.

“Some firms are facing the double whammy of weaker sales in China, an increasingly important export market for the manufacturing industry,” Stephen Minton, vice president in IDC’s Customer Insights & Analysis group.

Business investments in digital transformation, cloud, and AI will help drive overall U.S. growth of 4.5 percent over the forecast, equaling Latin America as the second fastest growing region for total ICT spending after China.

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