The global IT market is projected to grow to $9,325.69 billion in 2022, with an annual growth rate of 11.2%. The Inkxpert research predicts that technologies like artificial intelligence (AI), and machine learning will be more prevalent in businesses around the world in the coming years. AI will be a top source of revenue for companies by 2025.
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Market Segmentation
The global IT market has witnessed significant growth over the last five years but the growth has been uneven. According to the Inkxpert research, The US is the world's largest tech market, accounting for 33% of total revenue in 2022, or $1.8 trillion. Whereas, Western Europe continues to be a major contributor to the global economy. China, on the other hand, has firmly established itself as a prominent player in the global technology sector. This is primarily due to their large populations and rapid economic growth.
Reasons for Growth
This tremendous growth is due to the increasing demand for smart devices, software applications, data analytics tools, cloud computing solutions, and Internet of Things (IoT) connectivity among individuals, small and large businesses, as well as governments. As per Inkxpert market analysis, global IT investment in 2022 is expected to be around 5.3 trillion US dollars. Along with it, the global IT services market will also witness an increase in demand for cloud computing solutions over the forecast period as companies look to leverage technology advancements and manage their business processes seamlessly through cloud platforms.
According to Inkxpert market analysis, the main drivers for this growth include the increasing use of mobile devices such as smartphones, tablets, and laptops in personal computing; emerging economies such as China, India, and Brazil are investing billions into research and development (R&D) activities; and technological advancements such as cloud computing, big data analytics, and virtualization are also boosting growth in the IT industry globally.
- There has been an increasing focus on adopting digital technologies to improve business processes and reduce operational costs.
- The demand for IT services and software is driven by the need for technology to be more accessible, affordable, and user-friendly. The increase in the use of mobile phones and other devices has led to an increase in demand for mobile apps and digital services.
- The increasing adoption of cloud computing, which allows businesses to access their data from anywhere, has also contributed to growth in the IT sector. Cloud storage systems have become an integral part of most organizations' infrastructure as they reduce costs while allowing employees to access files from any device.
The global IT market is an extremely competitive environment. The main reason for this competitiveness is the rapid pace at which new technologies are being introduced and adopted by both large and small organizations. Inkxpert market analysis estimates that by 2025, technology has the potential to eliminate 85 million jobs globally while creating 97 million new ones. The most important thing to know about this market is that it is growing at an ever-increasing rate. This means that more people want to buy technology and more companies want to sell it.
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