• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » Software, capital markets to drive 2027 ICT spending

Software, capital markets to drive 2027 ICT spending

Software capital markets to drive ICT spending
Photo from IDC

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.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 450+ podcast episodes, and a comprehensive directory with 4000+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image