Worldwide IT Spend to Reach $1.5 Trillion

• Posted: Tuesday, January 16, 2007
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• Author: pradhana
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• Filed under: IT Business

Information technology rules! Is IT spending slowing down? Not soon.

According to newly updated figures on worldwide IT spending from IDC, end users spent $1.16 trillion on information technology in 2006 and will increase spending at a compound annual growth rate (CAGR) of 6.3% to reach $1.48 trillion in 2010.

The global information technology market will expand nearly 30% over the next four years.
Of course, not all markets around the globe are expected to grow equally.

"Regional dynamics can significantly impact business challenges in different industries," said Anne Lu of IDC. "IT vendors should look closely at the unique industry and regional trends and business challenges of each target market and then segment their customers based on these needs."

The three major components of the IT market are software, hardware and services, and IDC forecasts growth in each area.

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