IT market including telecom and ICT grew to $3 trillion
Global IT market grew by 8% year over year to cross $1.5 trillion at constant currency, including telecom services, the information and communications technology (ICT) market grew by 6% to $3 trillion in 2010, according to a new report by IDC.
The report said that the global IT spending increased at its fastest rate of growth since 2007 last year, driven by increase in demand for hardware upgrades and infrastructure investment after the financial crisis and global recession of 2009.
IT spending on computer systems, peripherals, storage, mobile devices, and network equipment increase by 16% to approximately $661bn, the fastest rate of growth for hardware investment since 1996.
IDC said that storage spending grew by 14%, servers by 9%, and PCs by 11%.
IT spending on software and services, while lagged behind hardware, registered positive growth of 4% and 2%, respectively.
The report forecasts that the trend is set to accelerate in 2011, as investment in new IT projects (including rapid adoption of cloud computing) begins to make up for an inevitable deceleration in the pace of capital spending by the end of the year.
The overall IT market will grow by 7% in 2011 to $1.65 trillion with another year of double-digit growth for hardware spending (10%), while software and services markets will increase by 5% and 4% respectively.
The report said that the US IT market grew by 6% in 2010, and will expand by another 5% in 2011, but emerging economies will lead the way and driving the overall growth of the global industry to higher levels.
The Asia-pacific region, excluding Japan (APeJ), saw growth of 13% last year, which will be followed by a 10% increase in 2011.
Double-digit growth is also forecast in Central and Eastern Europe, Latin America, and the Middle East and Africa.