LONDON, May 11, 2023 (GLOBE NEWSWIRE) -- The Global Market Model provides a global information technology industry overview that includes key insights on information technology industry trends, information technology market drivers, and more across 58 geographies for the seven key regions. As per the Global Market Model’s latest forecast for the IT industry -
- Expected compound annual growth rate (CAGR) during 2022–2032: 8.4%
- Market value in 2022: $7989.7 billion
- Largest segment of the market: IT services accounting for 40.5% of the total in 2022
- Leading region: USA accounting for 27.8% of the total in 2022
What is driving the information technology industry growth in the forecast period?
- The growth of the information technology market in the forecast period can be attributed to the
- Adoption of IoT technology
- Rising penetration of e-commerce
- Increasing investments in the creation of smart cities
- Rise in the use of technologies such as AI (artificial intelligence), AR/VR (augmented and virtual reality), blockchain across industries
- An expected rise in spending on data security solutions
- Emergence of 5G and its impact on rapid technology advancements
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How will the information technology market grow over the next coming years?
The Global Market Model, in its latest forecast for the information technology market, has kept the expected forecast growth (CAGR) over the next ten years unchanged. The companies' spending on IT products and services reduced drastically due to budget constraints, high technology costs, and slower demand for IT services post-pandemic, which were already taken into account during our previous forecast update. Hence, our forecasts for this market remained the same during this update cycle. Thousands of workers have been laid off by tech companies in recent months. It is estimated that over 120,000 people were laid off at some of the biggest technology companies, including Meta, Amazon, Netflix, and Google.
The Global Market Model offers insights on the following key industry indicators for deeper analysis of the information technology industry –
- Number of internet users
- Number of households with computers
- Number of smartphone users
- Number of households with broadband access
- Number of enterprises
- Number of employees
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