Software, capital markets to drive 2027 ICT spending
MASSACHUSETTS, UNITED STATES — Global information and communications technology (ICT) spending is predicted to rise steadily, reaching a 5.7% compound annual growth rate (CAGR) through 2027 after achieving nearly $4.7 trillion in 2022.
According to the International Data Corporation (IDC) Worldwide ICT Spending Guide, software and information services are forecasted to witness the swiftest growth from 2023-2027, boasting an 11.4% CAGR. This is attributed to technology firms making strategic shifts following a quick period of investment and hiring.
Close behind, capital markets and life sciences are expected to grow at a CAGR of 10.2% and 8.8%, respectively, with the latter benefiting from expansions in China.
Last year, banking, federal/central government, and telecommunications led the sectors in ICT investments, jointly contributing $715 billion globally. Alongside software, information services, and retail, these industries constituted about 35% of the total ICT spending.
Meanwhile, the United States (U.S.) is set to be the most significant player in ICT spending through 2027 at an estimated $2.38 trillion. Western Europe and China follow with expected expenditures of $1.19 trillion and $721 billion, respectively.
Latin America is poised to witness the fastest spending surge, with an 8% five-year CAGR.
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