The global information technology (IT) industry spending for 2022 is estimated to be at approximately *** trillion U.S. dollars. With ** percent, Asia is also expected to be a large contributor to the global information technology industry. Looking ahead to the future, growth in the global industry is expected to continue through 2024 at **** percent compound annual growth rate (CAGR). Key categories of the United States IT industry Software, devices and infrastructure, IT and business services, emerging tech, and telecom services are among the key categories of the United States IT industry. Spending on tech services and software account for approximately half of spending in the U.S. technology market. Each of these categories are interrelated as the robust functionality of infrastructure and platforms, for example, are the foundation for communication through bandwidth for user devices. Key categories of the global IT industry On a global scale, large portions of IT budgets are allocated to the telecom services, devices and infrastructure, as well as IT and business services. Spending allocation varies across individual countries based on several factors. This is due to tech companies profiting from the ongoing digital transformation, while on the other hand, many companies are focusing resources on internal operations to learn from the challenges experienced during 2020.

In 2022, when asked about the biggest skills challenge facing the tech sector, ** percent of respondents indicated the speed at which the tech industry was transforming as the biggest skills related challenge encountered in the tech sector. At the same time, ** percent of respondents considered the lack of diversity in the tech sector to be a major challenge.

In 2015, the share of female leaders in tech companies amounted to only ***** percent. As of 2023, the share of female tech leaders peaked at ** percent, but did not change compared to the previous year. Overall, the share of women leaders in the technology industry has been gradually since 2015.

Despite the economic crisis and political uncertainty in 2022, the average rating for the global tech industry's future prospects for 2023 by business and IT professionals is broadly positive. This underlines the fact that the tech sector remains a powerful choice for business growth and career advancements. The Association of Southeast Asia (ASEAN) region along with New Zealand and Australia (ANZ) recorded the most positive sentiment concerning the future outlook of their tech industries.

United States US: GDP: % of Manufacturing: Medium and High Tech Industry data was reported at 41.166 % in 2015. This stayed constant from the previous number of 41.166 % for 2014. United States US: GDP: % of Manufacturing: Medium and High Tech Industry data is updated yearly, averaging 49.199 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 51.786 % in 1998 and a record low of 38.398 % in 1996. United States US: GDP: % of Manufacturing: Medium and High Tech Industry data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s USA – Table US.World Bank: Gross Domestic Product: Share of GDP. The proportion of medium and high-tech industry value added in total value added of manufacturing; ; United Nations Industrial Development Organization (UNIDO), Competitive Industrial Performance (CIP) database; ;

According to Cognitive Market Research, the global Marketing Technology market size will be USD 414518.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 20.50% 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 165807.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 124355.58 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 95339.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 20725.93 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.9% 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 8290.37 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2031.
The Digital Marketing Type held the highest Marketing Technology market revenue share in 2024.

Market Dynamics of Marketing Technology Market

Key Drivers for Marketing Technology Market

Increased Digital Transformation to Increase the Demand Globally

Increased digital transformation is driving the Marketing Technology Market as organizations embrace advanced technologies to enhance their marketing strategies and operations. Digital transformation involves integrating digital tools and technologies to improve efficiency, customer engagement, and decision-making processes. As companies adopt digital platforms, there is a growing need for marketing technologies that enable data-driven insights, automate marketing activities, and provide personalized customer experiences. This shift to digital requires sophisticated tools for managing and analyzing data, executing targeted campaigns, and optimizing marketing performance across multiple channels. The pursuit of digital innovation to stay competitive and meet evolving consumer expectations accelerates the adoption of marketing technologies, fueling market growth and driving investment in advanced solutions.

Growing emphasis on data analytics and insights to Propel Market Growth

The growing emphasis on data analytics and insights is driving the Marketing Technology Market as businesses increasingly rely on data to inform their marketing strategies. Data analytics allows companies to understand consumer behavior, identify trends, and measure campaign effectiveness with precision. This reliance on data enables more personalized and targeted marketing efforts, improving customer engagement and optimizing return on investment. The need for advanced analytics tools to process and interpret vast amounts of data fuels demand for marketing technologies that provide actionable insights. As organizations strive to leverage data for competitive advantage and enhance decision-making, investment in marketing technologies that offer robust analytics and reporting capabilities continues to grow, driving market expansion.

Restraint Factor for the Marketing Technology Market

High Implementation Costs to Limit the Sales

High implementation costs are restraining the Marketing Technology Market as the initial investment required for advanced solutions can be substantial. For many businesses, especially small and medium-sized enterprises (SMEs), the financial burden of purchasing, integrating, and maintaining sophisticated marketing technologies is a significant barrier. These costs include not only the price of the technology itself but also expenses related to training staff, customizing solutions, and ongoing support. Additionally, the return on investment may not be immediately apparent, making it challenging for businesses to justify the expense. This financial constraint limits the adoption of marketing technologies, particularly among organizations with limited budgets, slowing the overall growth of the market.

Key Trends for Marketing Technology Market

The Emergence of AI-Driven Personalization and Automation

A significant trend influencing the Marketing Technology sector is the growing incorporation of artificial intelligence (AI) to enhance personalization and automat...

Information Technology (IT) Market Outlook

As of 2023, the global Information Technology (IT) market size is valued at approximately USD 4.5 trillion, driven by rapid technological advancements, digital transformation initiatives, and increasing IT investments across various industries. The market is projected to grow to USD 7.2 trillion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. This growth is primarily fueled by the rising adoption of cloud computing, the proliferation of big data analytics, and the integration of Artificial Intelligence (AI) and Internet of Things (IoT) across different sectors.

One of the significant growth factors of the IT market is the escalating demand for cloud-based solutions and services. Organizations are increasingly shifting from traditional on-premises IT infrastructure to cloud environments to enhance scalability, reduce operational costs, and improve flexibility. This trend is further accelerated by the ongoing digital transformation across various sectors, including banking, healthcare, retail, and manufacturing. The adoption of cloud computing is enabling businesses to leverage advanced technologies such as AI, machine learning, and big data analytics, thereby driving market growth.

Another crucial factor contributing to the IT market's expansion is the growing emphasis on cybersecurity. With the increasing frequency and sophistication of cyber threats, organizations are investing heavily in robust cybersecurity solutions to protect sensitive data and ensure business continuity. The rise of remote working models, fueled by the COVID-19 pandemic, has further amplified the need for advanced cybersecurity measures, contributing to the market's growth. Additionally, regulatory frameworks and compliance requirements are prompting businesses to adopt comprehensive security solutions, thereby positively influencing the market.

The proliferation of smart devices and the Internet of Things (IoT) is also playing a pivotal role in driving the IT market's growth. The widespread adoption of IoT devices across various sectors, including healthcare, manufacturing, and retail, is generating massive amounts of data. Organizations are leveraging IT solutions to manage, analyze, and derive actionable insights from this data, leading to enhanced decision-making processes and operational efficiencies. Furthermore, the integration of IoT with other emerging technologies like AI and blockchain is unlocking new opportunities and driving innovation in the IT market.

From a regional perspective, North America holds a significant share of the global IT market, owing to the presence of major technology companies, high IT spending, and early adoption of advanced technologies. The region's market is driven by continuous investment in research and development, a robust technological infrastructure, and a strong focus on innovation. Additionally, Asia Pacific is expected to witness substantial growth during the forecast period, attributed to the rapid digitalization, increasing IT investments, and the burgeoning demand for cloud services and IoT solutions in emerging economies like China and India.

Component Analysis

The IT market is segmented into three main components: Hardware, Software, and Services. The hardware segment encompasses physical devices and infrastructure, including computers, servers, storage devices, and networking equipment. Despite the growing shift towards cloud-based solutions, the demand for advanced hardware remains robust, driven by the need for high-performance computing, data centers, and edge computing devices. Innovations in hardware technologies, such as hyper-converged infrastructure and advanced processors, are further propelling this segment's growth.

Software, another critical component of the IT market, includes application software, system software, and middleware. This segment is witnessing significant growth due to the rising demand for enterprise software solutions, including Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), and business intelligence platforms. The increasing adoption of Software as a Service (SaaS) models is also contributing to the software segment's expansion. SaaS offers several advantages, such as scalability, cost-effectiveness, and ease of access, making it a preferred choice for businesses of all sizes.

The services segment encompasses a wide range of IT-related services, including consulting, system integration, managed services, and support and main

Global spending on telecom services is expected to reach 1.595 trillion U.S. dollars by 2024, slightly higher than the 1.575 trillion U.S. dollars spent on telecom services during 2019. The overall growth forecast is largely driven by increased spending in the Americas, as the Asia Pacific and Europe, Middle East and Africa regions are expected to remain flat. The stagnation in growth seen between 2019 and 2022 is attributable to the effects of the coronavirus (COVID-19) pandemic, with the increase in services from more people working at home offset by the slowdown in travel and tourism, and prevailing economic conditions.

Telecoms: a capital-intensive industry

Developing, maintaining and building new telecommunications infrastructure is part and parcel of operating a major telcos. Ageing infrastructure and technological advancements drive capital expenditure, while challenges such as gaining access to remote locations are expensive problems to solve.​ While the global median revenue sat at 201 million U.S. dollars in 2019, median expenses came in at 180 million U.S. dollars.

The equipment contained in the network can also provide telcos with a huge asset base. United States based AT&T generated 181.27 billion U.S. dollars in revenue during 2019, holding assets worth 551.67 billion U.S. dollars.

Economic contribution through employment

Telecommunications companies play a vital role in the economy, not only as operators of essential infrastructure, but as providers of millions of jobs worldwide. The effect of this contribution is even greater given the industry’s relative stability during uncertain economic times. AT&T alone employs 246,000 people in the United States, while Deutsche Telekom AG provides 210,530 jobs in Europe.

According to Cognitive Market Research, the global IT Services market size was USD 984.8 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 8.70% from 2023 to 2030. Key Opportunities of the IT Services Market

Increasing Number Of Smart Cities Supports Industry Growth

Governments throughout the world are investing in the creation of smart cities. With research money and environmental aims for member countries, the European Union supports smart city activities. Smart cities are also becoming more popular in developing countries. Around 300 smart city pilot projects are being developed in China and India alone. These objectives necessitate the implementation of cutting-edge IT infrastructure.

The emergence of AI is significantly driving the IT Services Market

This will be a big future growth driver for the IT services industry. Tencent also pledged a $70 billion investment in artificial intelligence, cloud computing, and cybersecurity between 2022 and 2030. Chinese firms have shown a significant desire to establish themselves in India through investments.

(Source:www.cnbc.com/2020/05/27/china-tech-giant-tencent-pledges-70-billion-investment-in-ai-cloud.html)

Still, their condition has deteriorated as New Delhi's attitude toward Chinese technology and investment in its domestic market has shifted. This will be a major future growth driver for the IT services sector.

Market Dynamics of IT Services Market

Key Drivers for IT Services Market

Quick Digital Change in All Sectors: Businesses in a variety of industries, including manufacturing, retail, healthcare, and finance, are quickly digitizing their processes to boost productivity, customer satisfaction, and competitive standing. This change is driving up demand for IT services including software integration, infrastructure management, and cloud migration, particularly from businesses implementing automation and data-driven tactics. Growing Use of Hybrid IT Models and Cloud Computing: IT service providers are in great demand for consultation, implementation, and managed services as companies shift from on-premise infrastructure to cloud-based solutions. Recurring revenue opportunities in deployment, migration, security, and optimization services are being created by the growth of hybrid and multi-cloud solutions.

Key Restraints for IT Services Market

High labor costs and a lack of talent: The ability of service providers to grow is being constrained by the worldwide lack of qualified IT workers, particularly in the fields of artificial intelligence, cybersecurity, cloud architecture, and DevOps. Profit margins are also being strained by the high expense of recruiting and keeping skilled workers, especially for mid-sized businesses. Privacy and Data Security Issues with Outsourcing: Because of worries about data breaches, third-party access, and regulatory issues, businesses are still hesitant to outsource critical activities. These issues may cause businesses that handle sensitive or proprietary data to postpone or cut back on their use of outside IT service providers.

Key Trends for IT Services Market

Rise of Automation, AI, and Integration with AIOps: In order to boost predictive maintenance, automate repetitive processes, and improve decision-making, AI and machine learning are being included into IT service delivery models. Infrastructure management is being revolutionized by the emergence of AIOps (Artificial Intelligence for IT Operations), which enables proactive problem solving and efficient resource utilization. Growth in As-a-Service and Managed Offerings: Managed services and "as-a-service" models (such as SaaS, IaaS, PaaS, and Security-as-a-Service) are rapidly replacing traditional IT support. These models are appealing to both major corporations and small businesses due to their predictable costs, scalability, and decreased internal IT burden.

Impact of the COVID-19 Pandemic on the IT Services Market:

The epidemic has expedited digital transformation across industries, as firms have had to adjust to distant work and online operations. This raised demand for IT services such as cloud computing, cybersecurity, and digital transformation consultancy. Companies needed to quickly integrate remote collaboration solutions, improve their cybersecurity procedures, and optimize their digital infrastr...

Diversity in Tech Statistics: In today's tech-driven world, discussions about diversity in the technology sector have gained significant traction. Recent statistics shed light on the disparities and opportunities within this industry. According to data from various sources, including reports from leading tech companies and diversity advocacy groups, the lack of diversity remains a prominent issue. For example, studies reveal that only 25% of computing jobs in the United States are held by women, while Black and Hispanic individuals make up just 9% of the tech workforce combined. Additionally, research indicates that LGBTQ+ individuals are underrepresented in tech, with only 2.3% of tech workers identifying as LGBTQ+. Despite these challenges, there are promising signs of progress. Companies are increasingly recognizing the importance of diversity and inclusion initiatives, with some allocating significant resources to address these issues. For instance, tech giants like Google and Microsoft have committed millions of USD to diversity programs aimed at recruiting and retaining underrepresented talent. As discussions surrounding diversity in tech continue to evolve, understanding the statistical landscape is crucial in fostering meaningful change and creating a more inclusive industry for all. Editor’s Choice In 2021, 7.9% of the US labor force was employed in technology. Women hold only 26.7% of tech employment, while men hold 73.3% of these positions. White Americans hold 62.5% of the positions in the US tech sector. Asian Americans account for 20% of jobs, Latinx Americans 8%, and Black Americans 7%. 83.3% of tech executives in the US are white. Black Americans comprised 14% of the population in 2019 but held only 7% of tech employment. For the same position, at the same business, and with the same experience, women in tech are typically paid 3% less than men. The high-tech sector employs more men (64% against 52%), Asian Americans (14% compared to 5.8%), and white people (68.5% versus 63.5%) compared to other industries. The tech industry is urged to prioritize inclusion when hiring, mentoring, and retaining employees to bridge the digital skills gap. Black professionals only account for 4% of all tech workers despite being 13% of the US workforce. Hispanic professionals hold just 8% of all STEM jobs despite being 17% of the national workforce. Only 22% of workers in tech are ethnic minorities. Gender diversity in tech is low, with just 26% of jobs in computer-related sectors occupied by women. Companies with diverse teams have higher profitability, with those in the top quartile for gender diversity being 25% more likely to have above-average profitability. Every month, the tech industry adds about 9,600 jobs to the U.S. economy. Between May 2009 and May 2015, over 800,000 net STEM jobs were added to the U.S. economy. STEM jobs are expected to grow by another 8.9% between 2015 and 2024. The percentage of black and Hispanic employees at major tech companies is very low, making up just one to three percent of the tech workforce. Tech hiring relies heavily on poaching and incentives, creating an unsustainable ecosystem ripe for disruption. Recruiters have a significant role in disrupting the hiring process to support diversity and inclusion. You May Also Like To Read Outsourcing Statistics Digital Transformation Statistics Internet of Things Statistics Computer Vision Statistics

Explore how emerging technologies are transforming the global economy, driving innovation and creating new opportunities for growth.

Get detailed insights on the Global HR Technology Market, size at USD 157 billion in 2023, featuring industry demand trends and technological advancements.

China R & D: Full-time Equivalent: High Technology Industry data was reported at 139.780 Person-Years tt in 2023. This records an increase from the previous number of 125.395 Person-Years tt for 2022. China R & D: Full-time Equivalent: High Technology Industry data is updated yearly, averaging 74.731 Person-Years tt from Dec 2011 (Median) to 2023, with 13 observations. The data reached an all-time high of 139.780 Person-Years tt in 2023 and a record low of 51.117 Person-Years tt in 2011. China R & D: Full-time Equivalent: High Technology Industry data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Business and Economic Survey – Table CN.OS: Research and Development: Full-time Equivalent: High Technology Industry.

Business Establishment (BE): Info., Communication & Technology (ICT) data was reported at 22,488.000 Unit in 2014. This records an increase from the previous number of 21,858.000 Unit for 2013. Business Establishment (BE): Info., Communication & Technology (ICT) data is updated yearly, averaging 13,227.000 Unit from Dec 1991 (Median) to 2014, with 24 observations. The data reached an all-time high of 22,488.000 Unit in 2014 and a record low of 1,353.000 Unit in 1991. Business Establishment (BE): Info., Communication & Technology (ICT) data remains active status in CEIC and is reported by Korea Association for ICT Promotion. The data is categorized under Global Database’s South Korea – Table KR.O018: Number of Establishment: Info & Comm Tech Industry.

Azerbaijan GDP: % of Manufacturing: Medium and High Tech Industry data was reported at 17.965 % in 2022. This records an increase from the previous number of 15.971 % for 2021. Azerbaijan GDP: % of Manufacturing: Medium and High Tech Industry data is updated yearly, averaging 10.287 % from Dec 1990 (Median) to 2022, with 33 observations. The data reached an all-time high of 25.928 % in 1993 and a record low of 6.342 % in 2009. Azerbaijan GDP: % of Manufacturing: Medium and High Tech Industry data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Azerbaijan – Table AZ.World Bank.WDI: Gross Domestic Product: Share of GDP. The proportion of medium and high-tech industry value added in total value added of manufacturing;United Nations Industrial Development Organization (UNIDO), Competitive Industrial Performance (CIP) database;;

South Africa ZA: GDP: % of Manufacturing: Medium and High Tech Industry data was reported at 24.428 % in 2015. This stayed constant from the previous number of 24.428 % for 2014. South Africa ZA: GDP: % of Manufacturing: Medium and High Tech Industry data is updated yearly, averaging 25.186 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 31.751 % in 1995 and a record low of 23.557 % in 2008. South Africa ZA: GDP: % of Manufacturing: Medium and High Tech Industry data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Africa – Table ZA.World Bank: Gross Domestic Product: Share of GDP. The proportion of medium and high-tech industry value added in total value added of manufacturing; ; United Nations Industrial Development Organization (UNIDO), Competitive Industrial Performance (CIP) database; ;

China Gross Industrial Output: High-tech Industry: Aviation and Aircrafts Manufacturing data was reported at 191,297.484 RMB mn in 2011. This records an increase from the previous number of 159,810.495 RMB mn for 2010. China Gross Industrial Output: High-tech Industry: Aviation and Aircrafts Manufacturing data is updated yearly, averaging 159,810.495 RMB mn from Dec 2009 (Median) to 2011, with 3 observations. The data reached an all-time high of 191,297.484 RMB mn in 2011 and a record low of 135,301.030 RMB mn in 2009. China Gross Industrial Output: High-tech Industry: Aviation and Aircrafts Manufacturing data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Industrial Sector – Table CN.BD: Gross Industrial Output: By Industry.

Illustrating the engagement of companies with graduates from Global Tech College, this bar chart details PERM cases filed by employers. It allows for filtering by major, offering insights into which companies actively support permanent residency for graduates in distinct academic disciplines.

The revenue of Global Tech Industries Group with headquarters in the United States amounted to ***** thousand U.S. dollars in 2021. The reported fiscal year ends on December 31.Compared to the earliest depicted value from 2013 this is a total decrease by approximately ***** thousand U.S. dollars. The trend from 2013 to 2021 shows, however, that this decrease did not happen continuously.