Key Stats and Trends on Global IT Spending

Global IT economics
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Rapid changes in the digital arena will make more and more businesses turn to information technology to sustain their progress and constant adaptation to fast-evolving trends. A survey conducted by Spiceworks found that 56% of companies with more than 5,000 employees expect their IT budget to grow in 2019.

Where do most of the IT budgets go? Some of the areas that companies focus on include data center systems, enterprise software, devices, IT services, and communication services.

It is also found that 47% of enterprises consider data growth and related storage as a top challenge. Instead of buying their own servers, many businesses now turn to cloud services, allocating a significant amount of budget there. Public cloud services, on the other hand, are expected to exceed $278.3 billion by 2021.

In 2018, software as a service market was worth $72.2 billion, while information security technology reaches $92.1 billion. The markets are only expected to rise in the coming years.

Currently, there are 8.6 million data centers and farms around the world. As the data storage requirements grow by 40% every year, IT spending will surely grow with it.

Another trend that dominates IT spending is the use of AI services, with its revenues being projected to reach $19 billion by 2020. By 2030, it is predicted to contribute a staggering $15.7 trillion to the global economy.

Some of the world’s leading companies are starting to use AI services to optimize their business operations. For example, global energy leader BP makes use of the said technology to drive new levels of performance and improve the oil and gas production and refining.

In the US, the rise of voice assistants is quite significant, with the market set to account for 64% of the overall smart speakers market in 2018. By 2022, 66.3 million US households are forecasted to own a smart speaker.

The curious statistics and trends on information technology are important if you want to know the future of the digital world, whether as a business owner or a consumer. Keeping up with the latest news in technology will tell you in which areas you should invest more, helping you better manage your budget.

The global IT spending is set to affect the future. Raise your awareness of the influence of the IT industry on people’s lives worldwide by looking at the infographic below.

Global IT economics