Global IT Spending to Jump by $228B and hit $3.92T in 2021

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

FG, States, LGAs share N528.39bn FAAC allocation in Jan 2021

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The COVID-19 crisis forced companies and organizations across the globe to speed up the digitalization of their business, as remote working and distance learning became the new normal amid the ongoing lockdown.

The surge in the use of digital solutions and services abated the pandemic’s negative effect on IT spending, which still dropped to just under $3.7trn in 2020.

Global IT Spending to Jump by $228B and hit $3.92T in 2021 Brandspurng
Photo by Fotis Fotopoulos

According to data presented by Stock Apps, global IT spending is expected to recover in 2021 and hit a $3.92trn value, a $228bn increase in a year.

Recovery to 2019 Spending Rates

The surge in the use of IT services and devices, enterprise software and data centre systems led to the impressive growth of global IT spending over the years. In 2005, consumers, businesses, and organizations worldwide spent $2.6trn on IT devices and solutions, revealed the Gartner survey.

- Advertisement -

By 2013, this figure jumped by almost 40% to $3.6trn. After a drop to below $3.4trn in 2015 and 2016, global IT spending hit more than $3.8trn in 2019, the highest level in fifteen years.

In just a few months, the COVID-19 crisis has delivered years of change in the way companies across different sectors do business. According to a McKinsey Global Survey of executives, they have speeded up the digitization of their customer and supply-chain interactions by three to four years. The share of digital or digitally enabled products in their portfolios has accelerated by seven years.

Nevertheless, the economic uncertainty caused by the pandemic had a huge impact on global IT spending, which dropped by $121bn in 2020. Statistics show this figure is set to jump by 6.2% and hit $3.92trn in 2021.

Read Also:  MTN’s YDFS Has Expanded MoMo Agent Services

However, to survive in a post-COVID-19 world that involves higher adoption of remote work and digital touchpoints, businesses will have to keep speeding up their digital transformation plans. That is why Gartner predicts global IT spending to continue increasing and hit more than $4.1trn in 2022.

Read Also:  TOP 5 ON MERIGAME THIS WEEK

Enterprise Software and IT Devices to Witness the Highest Growth in Spending

- Advertisement -

Statistics show that global spending on communication services, as the largest segment of the market, is set to reach $1.4trn in 2021, up from $1.35trn last year. Businesses and organizations are forecast to spend $1.07trn on IT services this year, or 6% more than in 2020.

However, the Garner survey revealed that spending in the enterprise software segment is expected to have the strongest rebound in 2021 and grow by 8.8% YoY to $506bn.

The increased demand for tablets and laptops due to remote working and distance learning is expected to drive impressive growth in the devices segment. Statistics show that global spending on PCs, tablets, mobile phones and printers is set to jump by 8% to $705.4bn in 2021, the second-highest increase this year. Data centre systems are forecast to witness a 6% growth in 2021 and hit $228bn in global spending.

- Advertisement -
Global IT Spending to Jump by $228B and hit $3.92T in 2021 - Brand SpurGlobal IT Spending to Jump by $228B and hit $3.92T in 2021 - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Global IT Spending to Jump by $228B and hit $3.92T in 2021 - Brand SpurGlobal IT Spending to Jump by $228B and hit $3.92T in 2021 - Brand Spur

Latest News

Syngenta, WACOT Partner To Boost Nigeria’s Food Security

WACOT Limited, one of Africa’s leading food and agro-processing companies, has partnered with a global agritech company, Syngenta. This would...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Global IT Spending to Jump by $228B and hit $3.92T in 2021 - Brand SpurGlobal IT Spending to Jump by $228B and hit $3.92T in 2021 - Brand Spur