According to a recent update to IDC’s Worldwide Semiannual IT Spending Guide, healthcare will be the fastest-growing industry in terms of IT spending over the next several years. The guide, updated in August, predicts that overall revenues for IT products and services will reach $2.7 trillion by 2020, with a compound annual growth rate of 3.3 percent. Digital transformation efforts in healthcare will make it the fastest growing industry with a compound annual growth rate of 5.7 percent, despite concerns that spending growth may have peaked.
“In the U.S., the greatest near-term growth is expected among healthcare providers, professional services firms, banks and securities and investment services organizations,” said IDC program director Jessica Goepfert in a press release. “These service-based organizations are turning to 3rd Platform technologies like mobility and big data to enable more productive and meaningful ways to engage with clients. In addition to these customer-centric priorities, businesses operating in regulated environments are also turning to technology to assist with compliance.”
Consumer purchases accounted for nearly a quarter of all IT revenues in 2015, thanks to the ongoing smartphone explosion. But consumer spending for PCs, tablets, and smartphones has been weakening, which will have a dampening effect on the IT market overall. Looking ahead, even the moderate growth forecast for the tablet market will be driven by commercial and public sector segments, such as healthcare.
Additionally, “Enterprise investment in new project-based initiatives, including data analytics and collaborative applications, remains strong and mid-sized companies have been especially nimble when it comes to rapidly adopting 3rd Platform technologies and solutions.”
For more information, download IDC’s Worldwide Semiannual IT Spending Guide: Vertical and Company Size or view the press release.