Enterprise IT grows slowly at a 1.9% CAGR to $233.5bn.
The business technology spending market in the US is expected to grow at a compound annual growth rate (CAGR) of 6.9% to $330.7bn by 2017, according to a new report from IDC.
The research firm said enterprise IT would grow slowly at a 1.9% five-year CAGR from $213bn to 233.5bn over the same forecast period.
IDC Global Technology and Industry Research Organisation programme manager Eileen Smith said that the connection between technology and business is accelerating quickly as business users adopt cloud,social, mobile, and analytics.
"Investments in these key areas are driving business funded technology to reach $275.2 billion in the United States in 2014, accounting for 55% of total technology spending," Smith said.
IDC said it expects business funded technology to reach $275.2bn and account for 55% of overall tech spending, while the industry specific operation is the largest business line, capturing about 45% of overall business funded technology.
However, the IDC noted that the enterprise IT spending is growing only at a 1.8% CAGR, far less than the overall 5 year technology CAGR of 4.6%, with healthcare enterprise IT being the fastest growing sector.
By 2017, marketing is expected to grow at a 5 year CAGR of 9.5%, reaching about $26bn.