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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.

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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.

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