As of 2024, the U.S. region accounted for 38 percent of the global information and communication technology (ICT) market share. China and the EU ranked as the second and third biggest regions, each accounting for a market share of over 10 percent. ICT Industry Overview Ranking as one of the largest industries in the world, the ICT market is forecasted to reach a size of 5.5 trillion dollars in 2022, and almost six trillion by 2023. The continuous growth serves as another reminder of the ever-increasing prevalence and importance of technology in today’s society. In general, growth in traditional tech spending over the next few years will be driven foremost by big data and analytics, social, mobile, and AR/VR and robotics, ranks as the fastest growing category. Notably, next-generation security technologies that provide integrated security solutions will also be an area of investment in the future.

According to Cognitive Market Research, the global ICT market will be USD 5521.8 million in 2024 and expand at a compound annual growth rate (CAGR) of 5.20% from 2024 to 2031.

North America held the major market share of more than 40% of the global revenue with a market size of USD 2208.72 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1656.54 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1270.01 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Latin America's market will have more than 5% of the global revenue with a market size of USD 276.09 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 110.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
The hardware segment is set to rise due to its growing need for robust infrastructure. Key players compete to innovate, ensuring efficient and scalable solutions to meet evolving digital requirements across industries.
Increased construction activities, innovations in material technology, and increasing demand for lightweight materials.

Innovation Made by Key Players to Provide Viable Market Output

The ICT market is experiencing significant growth due to the innovations made by key players. Constant advancements in cloud computing, artificial intelligence, 5G connectivity, and the Internet of Things (IoT) contribute to transformative changes. Companies invest in research and development, fostering a dynamic ecosystem of cutting-edge products and services. These innovations enhance efficiency, security, and connectivity, meeting the evolving needs of businesses and consumers. As a result, the ICT market is characterized by rapid evolution, with key players leading the way in shaping the digital landscape.

For instance, Facebook bought a 10% stake in Reliance-backed Jio in April following an investment of USD 5.7 billion.

(Source: https://www.reuters.com/article/idUSKCN22404E/#:~:text=NEW%20DELHI%2FBENGALURU%20(Reuters),extensive%20reach%20in%20the%20country)

Increase in Digitalization to Propel Market Growth

The ICT market is experiencing growth due to increasing digitalization. This trend is characterized by the widespread adoption of digital technologies across various sectors, leading to enhanced efficiency, connectivity, and innovation. Businesses and organizations leverage digital tools like cloud computing, artificial intelligence, and the Internet of Things (IoT) to streamline operations, improve decision-making processes, and create new opportunities. Pursuing cost-effectiveness, improved customer experiences, and the need for agile, data-driven solutions fuel the surge in digitalization. As a result, the ICT market is witnessing robust growth driven by the transformative impact of digital technologies on the global economy.

For instance, In September 2022, Bharti Airtel, one of the largest telecommunications companies in India, launched a trial project with TP Northern Odisha Distribution to provide its more than two million registered customers with alternative payments for their electricity bills. To facilitate payment of bills, an effort will be made to mobilize 4,000 Airtel Payment Bank locations in north Odisha. The customers of the joint ventures between Tata Power and the State of Odisha should go to the shop and provide their contact information and customer details at a bank branch.

(Source: https://economictimes.indiatimes.com/industry/telecom/airtel-partners-odisha-utility-to-offer-bill-payment-solution/articleshow/93989909.cms?from=mdr)

High Initial Cost to Restrict Market Growth

The ICT market faces a challenge due to high initial costs. Organizations often face substantial upfront expenses when implementing advanced technologies such as cloud computing, cybersecurity solutions, or infrastructure upgrades. This financial barrier can be a deterrent, particularly for smaller businesses with limited budgets. The substantial investment required for technology deployment may hinder the pace of digital transformation and innovation, limiting accessibility f...

Information and Communications Technology Market Report is Segmented by Type (Hardware, Software, IT Services, Telecommunication Services), by Enterprise Size (SMEs, Large Enterprises), by End-User Industry (BFSI, IT and Telecom, Government, Retail and E-Commerce, Manufacturing, Energy and Utilities, Other End-User Industries), by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Here you can see the amount of revenue made through the ICT market worldwide from 2005 to 2015, with a forecast for 2016 and 2019. By 2019, it is expected that the global ICT market, including TV and video services, will be worth a total of more than 4.4 trillion euros.

The United States ICT market is segmented by type (Hardware, Software, IT Services, and Telecommunication Services), by the size of the enterprise (Small and Medium Enterprise and Large Enterprises), by industry vertical (BFSI, IT and Telecom, Government, Retail and E-commerce, Manufacturing, and Energy and Utilities). The report provides the market sizes and forecasts in terms of value in USD.

The size and share of the market is categorized based on Type (IoT, Big Data, Security, Cloud Computing, Content Management) and Application (Devices, Software, IT, Data Center Systems, Communication Services, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Global ICT spending reached about 4.9 trillion U.S. dollars in 2020 and is expected to grow to 5.8 trillion U.S. dollars by 2023. In 2021, new technologies are forecast to eclipse the one trillion U.S. dollar mark.

According to Cognitive Market Research, the global Enterprise ICT Spending market size will be USD 425614.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 10.60% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 170245.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 127684.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 97891.34 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 21280.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 8512.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.3% from 2024 to 2031.
The Hardware is the fastest growing segment of the Enterprise ICT Spending industry

Market Dynamics of Enterprise ICT Spending Market

Key Drivers for Enterprise ICT Spending Market

Increasing Digital Transformation to Boost Market Growth

The rapid adoption of virtual technology is driving big growth in enterprise ICT spending across industries. Businesses are increasingly investing in cloud computing, synthetic intelligence (AI), the Internet of Things (IoT), and other superior technologies to enhance operational performance, reduce prices, and benefit a competitive facet. These technologies permit groups to streamline procedures, enhance decision-making, and foster innovation. Cloud computing helps scalability and versatility; AI automates tasks and provides actionable insights, even as IoT connects devices for real-time records tracking. This digital transformation is essential for businesses to remain agile and aggressive in today's speedy-evolving market.

Expansion of Cloud Computing Adoption to Drive Market Growth

The shift from on-premises facts facilities to cloud-primarily based infrastructure is a major fashion in enterprise ICT spending. Cloud computing gives scalability, flexibility, and cost-efficiency, making it an appealing answer for businesses searching to streamline operations. By leveraging cloud offerings, agencies can easily scale resources up or down based totally on demand, reduce capital fees on bodily hardware, and boom agility. Additionally, the cloud enables faster deployment of programs and higher collaboration through far-flung get entry. These advantages have pushed good-sized adoption across industries, as agencies' purpose is to optimize overall performance and adapt to changing technological and marketplace dynamics.

Restraint Factor for the Enterprise ICT Spending Market

Economic Uncertainty, will Limit Market Growth

Economic uncertainty or downturns can significantly affect enterprise ICT spending, as groups regularly grow to be more careful with their investments. In unsure monetary conditions, organizations may additionally put off or scale back on era initiatives, focusing rather on price-cutting and retaining liquidity. Investments in new technology, infrastructure improvements, or virtual transformation initiatives might be postponed till market conditions improve. While crucial IT offerings stay a priority, discretionary spending on innovation or enlargement is often decreased. This cautious technique allows organizations to mitigate threats and navigate economic instability. However it could gradually down era adoption and innovation in the brief period.

Impact of Covid-19 on the Enterprise ICT Spending Market

The COVID-19 pandemic had a mixed impact on enterprise ICT spending. While some sectors reduced spending due to economic uncertainty, others expanded investments in digital technologies to assist far-off work, e-commerce, and cloud-based operations. The demand for cybersecurity, cloud computing, and collaboration equipment surged as businesses tailored to new ways of running. However, spending on non-important IT tasks often needs to be completed on time. Overall, the pandemic underscored the vital role of digital transformation in ensuring business continu...

The GCC ICT Market Report is Segmented by Technology (Big Data Analytics, Mobility and Telecom, Cloud Computing, Storage, and Business Process Outsourcing), by Component (Hardware/Devices, Software and Services, and Communication and Connectivity), by End-User Industry (Oil, Gas and Utilities, Travel and Hospitality, Healthcare, Financial Services, Manufacturing and Construction, and Other End-User Industries), and by Country. The Market Size and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

In 2021, global information and communication technology (ICT) spending is forecast to reach approximately 5.3 trillion U.S. dollars. In 2020, spending remained relatively flat as a result of the COVID-19 pandemic.

New technologies emerge as the largest spending category Notably, new technologies are projected to eclipse the one trillion U.S. dollar mark in 2021. These include artificial intelligence (AI), Internet of Things (IoT), augmented reality (AR) and virtual reality (VR), but also robotics. Together, they are forecast to take a larger share of the market in the future. Specifically, new technologies are forecast to represent over 25 percent of ICT spending within the next five to ten years. Cost savings enabled through automation and cloud make it possible to direct more spending towards new technologies.

How do new technologies drive economic progress? The overall impact of next-generation technologies on the global economy is expected to be positive as they can fuel trade growth while reducing transaction costs. For example, AI can automate many different processes or may be leveraged for logistics purposes to become more efficient by planning routes based on current road conditions. At the same time, IoT has a wide variety of different use cases in many verticals, including tracking shipments in real time, thereby making delivery services more efficient. In general, if utilized properly, these technologies lead to a rapid return on investment while modernizing how goods are made and traded globally.

Explore the Information Technology Market trends! Covers key players, growth rate 8.2% CAGR, market size $13176.84 Billion, and forecasts to 2034. Get insights now!

The statistic illustrates the distribution of spending on the information and communications technology (ICT) market in the first half of 2017, both by quarter and the year to the second quarter. In the second quarter of 2017, Apple's revenues represented three percent of global ICT spending.

The market size of the ICT Services Market is categorized based on Type (Cloud Services, Voice Over Internet Protocol (VoiP), Backup Solutions, Others) and Application (SMEs, Large Enterprise) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

This report provides insights into the market size and forecasts the value of the market,在这些定义的细分市场中以百万美元表示。

Singapore ICT Market report is segmented by type (hardware, software, IT services, and telecommunication services), size of enterprise (small and medium enterprises and large enterprises), and industry vertical (BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities). The market sizes and forecasts are provided in terms of value in USD for all the above segments.

Global Number of Patents in the ICT Sector Share by Country (Units), 2023 Discover more data with ReportLinker!

Smart City ICT Infrastructure Market size was valued at USD 1212.38 Billion in 2023 and is projected to reach USD 3937.56 Billion by 2031, growing at a CAGR of 17.50% during the forecast period 2024-2031.

Global Smart City ICT Infrastructure Market Drivers

The market drivers for the Smart City ICT Infrastructure Market can be influenced by various factors. These may include:

Urbanisation Trends: Cities are under increasing pressure to maximise their resources and services due to the continuous urbanisation of the world. In densely populated places, smart ICT infrastructure provides solutions for effective management of utilities, transportation, and public services.
Policies and programmes from Governments: To improve sustainability, livability, and economic development, governments all over the world are actively supporting smart city programmes. This includes making investments in ICT infrastructure to support several applications related to smart cities, like e-governance, intelligent transportation systems, and smart grids.
Technological breakthroughs: The adoption of smart ICT infrastructure is being driven by the rapid breakthroughs in technology, such as cloud computing, artificial intelligence (AI), and the Internet of Things (IoT). These technologies make it possible to combine various systems and gadgets to build data-driven, networked ecosystems for smart cities.
Demand for Better Services: Businesses and citizens alike are beginning to anticipate smooth and effective urban services. The increasing demand for improved urban experiences can be satisfied by using smart ICT infrastructure to deliver tailored and responsive services like energy efficiency, smart healthcare, and real-time traffic control.
Objectives for Environmental Sustainability: Many cities place a high premium on addressing environmental issues like pollution, energy use, and climate change. Sustainable urban development is aided by the deployment of eco-friendly technologies such as green buildings, smart energy management, and trash management made easier by smart ICT infrastructure.
Investments in ICT infrastructure for smart cities are being driven by the private sector, namely by technology companies, telecoms providers, and infrastructure developers. These stakeholders are aware of the opportunity to generate income by offering intelligent products and services to metropolitan markets.
Data-driven Decision Making: Opportunities for data analytics and predictive modelling in urban planning and management are presented by the abundance of data from numerous sources, such as sensors, mobile devices, and social media. Cities can use data to inform policy formation, resource optimisation, and decision-making with the use of smart ICT infrastructure.
Security and Resilience Issues: Cities are becoming more susceptible to a range of hazards, including cyberattacks, natural catastrophes, and threats to public safety. By implementing strategies like risk assessment, emergency response capabilities, and real-time monitoring, smart ICT infrastructure contributes to the resilience and security of metropolitan systems.

The Global Information and Communications Technology Market Size Was Worth USD 11 Billion in 2022 and Is Expected To Reach USD 19 Billion by 2030, CAGR of 6.2%.

Global Information and Communications Technology- ICT market size 2025 was XX Million. Information and Communications Technology- ICT Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

Nigeria ICT Market Report is Segmented by Type (Hardware, Software, IT Services, and Telecommunication Services), Size of Enterprise (Small and Medium Enterprises and Large Enterprises), and Industry Vertical (BFSI, IT and Telecom, Government, Retail and E-Commerce, Manufacturing, Energy and Utilities, and Other Industry Verticals). The Market Sizes and Forecasts are Provided in Value Terms (USD) for all the Above Segments.

[179+ Pages Report] The global ICT Investment in Government market share was valued at USD 484.6 Billion in 2020, is expected to reach USD 695.32 Billion by 2026 with a growth of 6.2% CAGR.