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.

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.

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 global information technology (IT) spending on devices, including PCs, tablets, mobile phones, printers, as well as data center systems, software, and communications services came to 5.1 trillion U.S. dollars in 2024. By 2025, IT spending is expected to increase to a staggering 5.6 trillion dollars worldwide. IT services and communication services take the largest share of spending Both IT services and communication services receive the largest amounts of investments, as these segments include a large array of different services and tools that remain cornerstones to different business functions. For example, different unified communication services are vital to connecting employees virtually and therefore enhance business productivity. Spending on IT segments accelerates digital transformation In general, spending on the different IT segments is expected to grow, accelerating digital transformation across various industries. Digital transformation encompasses the utilization of artificial intelligence, process automation, and moving data to the cloud, for example. These processes are empowered by strategic spending on and deployment of different information technologies.

European spending on IT and telecom is set to exceed one trillion U.S. dollars in 2022 and is forecast to increase to 1.16 trillion U.S. dollars by 2027. IT and telecom spending refers to spending on traditional hardware, software, services, and telecommunications.

In the financial year 2023, the government expenditure on information communication technology in Hong Kong was 14.2 billion Hong Kong dollars, increasing slightly from the previous year. In 2023, the ICT expenditure made up 1.7 percent of the Hong Kong government's public expenditure and 0.5 percent of Gross Domestic Product in Hong Kong.

Global Enterprise ICT Spending Market to grow from US$ 41.78 Billion in 2023 to US$ 82.55 Billion by 2032, at a CAGR of 7.86%, during forecast 2024-2032

The global IT spending market size reached around USD 3.88 Trillion in 2024. The market is projected to grow at a CAGR of 3.50% between 2025 and 2034 to reach nearly USD 5.47 Trillion by 2034.

IT spending worldwide is projected to reach over 5.7 trillion U.S. dollars in 2025, over a nine percent increase on 2024 spending. Smaller companies spending a greater share on hardware According to the results of a survey, hardware projects account for a fifth of IT budgets across North America and Europe. Larger companies tend to allocate a smaller share of their budget to hardware projects. Companies employing between one and 99 people allocated 31 percent of the budget to hardware, compared with 29 percent in companies of five thousand people or more. This could be explained by the greater need to spend money on managed services in larger companies. Not all companies can reduce their spending While COVID-19 has the overall effect of reducing IT spending, not all companies will face the same experiences. Setting up employees to comfortably work from home can result in unexpected costs, as can adapting to new operational requirements. In a recent survey of IT buyers, 18 percent of the respondents said they expected their IT budgets to increase in 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

"Liberty Mutual Group Inc.: ICT Spending Profile", a Technology Profile report by GlobalData, is one among the many offerings in Digital Industry product line up, which provides an executive-level overview of the information & communications technology budget of the profiled company. The report also presents a summary of business operations, company positioning, key performance indicators, and brings special focus on digital innovation and transformation strategies of the company adopted by the enterprises. Read More

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.

Global Capital ICT Spending market size 2025 was XX Million. Capital ICT Spending Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

Enterprise ICT Spending Market size is expected to develop revenue and exponential market growth at a remarkable CAGR during the forecast period from 2024-2032

This statistic shows the total ICT spending worldwide from 2016 to 2023, by technology generation. ICT spending is projected to reach 4.9 trillion U.S. dollars in 2020 with four trillion of this coming from traditional IT technologies (cloud, mobile, social and analytics) and the remaining 892 billion coming from new technologies, such as internet of things (IoT) and robots/drones.

"Japan Post Insurance Co., Ltd. : ICT Spending Profile", a Technology Profile report by GlobalData, is one among the many offerings in Digital Industry product line up, which provides an executive-level overview of the information & communications technology budget of the profiled company. The report also presents a summary of business operations, company positioning, key performance indicators, and brings special focus on digital innovation and transformation strategies of the company adopted by the enterprises. Read More

The Bulgarian ICT market, valued at approximately $8.95 million in 2025, exhibits a steady growth trajectory, projected to expand at a Compound Annual Growth Rate (CAGR) of 3.15% from 2025 to 2033. This growth is fueled by increasing digitalization across various sectors, particularly BFSI, IT and Telecom, and the government. Strong government initiatives promoting digital transformation and a growing adoption of cloud computing, big data analytics, and cybersecurity solutions contribute significantly to this upward trend. The market is segmented by hardware, software, services, and telecommunication services, catering to both small and medium enterprises (SMEs) and large enterprises. While the dominance of large enterprises is expected to continue, SMEs are increasingly adopting ICT solutions, spurred by cost-effectiveness and enhanced operational efficiency. The BFSI sector currently leads in ICT spending, followed by IT and Telecom, with growing investment anticipated in the retail and e-commerce sectors, as well as energy and utilities. Major players like TCS, IBM, HP, and others are actively competing in this expanding market, leveraging their expertise in providing comprehensive ICT solutions to diverse industries. Despite the positive outlook, the Bulgarian ICT market faces certain challenges. These include a potential shortage of skilled professionals, budget constraints within certain industry verticals, and the need to address cybersecurity concerns effectively. However, ongoing investments in education and training programs are anticipated to mitigate the talent shortage issue. The market's future growth will depend on the continued government support for digitalization initiatives, the increasing adoption of advanced technologies by various sectors, and a proactive approach to addressing existing challenges. Overall, the Bulgarian ICT market presents substantial opportunities for existing and new players to establish a foothold and benefit from the ongoing growth trajectory. Recent developments include: January 2024: INSAIT has introduced BgGPT, the first open large language model tailored specifically for the Bulgarian market. This innovative model caters to a wide spectrum of users, including both public and private entities. The development of BgGPT is mainly a part of INSAIT’s strategy, aiming to create an open and accessible AI for societal and business advancement. BgGPT, tailored for the specifics of the Bulgarian language, empowers the development of applications across various sectors, including education, business, healthcare, and public administration in Bulgaria., January 2024: Privately-owned US cloud company Redis announced its expansion in Bulgaria with the inauguration of a research and development center in Sofia, the capital. The company revealed its choice of Ivan Atanassov, previously leading engineering at Uber in Sofia, to spearhead this new venture.. Key drivers for this market are: Implementation of 5G is Back on Track, Growing demand for Cloud Technology. Potential restraints include: Implementation of 5G is Back on Track, Growing demand for Cloud Technology. Notable trends are: Cloud Technology is Expected to Witness a Growing Demand.

E Commerce It Spending Market size was valued at USD 200 Billion in 2023 and is projected to reach USD 320 Billion by 2031, growing at a CAGR of 5.3% during the forecast period 2024-2031.

Global E Commerce It Spending Market Drivers

The market drivers for the E Commerce It Spending Market can be influenced by various factors. These may include:

Growth of E-Commerce Retail: The main forces behind this trend are the increasing customer demand for online purchasing and the quick development of online retail platforms. Strong IT infrastructure is increasingly necessary for e-commerce companies as they expand in order to provide web hosting, transaction processing, and customer assistance.

Technological Developments: Cloud computing, big data analytics, machine learning, artificial intelligence (AI), and other ongoing technological developments are driving up IT expenditures. These technologies lead to more effective e-commerce solutions, optimize operations, and improve user experiences.

Global E Commerce It Spending Market Restraints

Several factors can act as restraints or challenges for the E Commerce It Spending Market. These may include:

High Production Costs: There are substantial raw material and processing costs associated with the production of ABS edge banding. Particularly in areas where consumers are sensitive to pricing, these high production costs may result in higher final product prices, which could restrict market expansion.

Environmental Concerns: Because ABS polymers come from petroleum-based resources, there are environmental questions about how sustainable and recyclable they are. Growing consumer and governmental pressure for environmentally friendly materials may limit market expansion as producers look for more sustainable substitutes.

IT Spending in Retail Industry Market valued at $5.28 Billion in 2023, and is projected to $USD 11.17 Billion by 2032, at a CAGR of 8.69% from 2023 to 2032.

IT spending market size is USD 212.56 million in 2024 and will expand at a compound annual growth rate (CAGR) of 3.6% from 2024 to 2031.