Information technology service spending is going to soar past $1 trillion by 2018.
Driving the way? Cloud.
So says a new report from International Data Corporation.
IT services spending is expected to total some $900 billion this year but reach $1.1 trillion by 2020.
And helping spur the growth is cloud services, which are expected to account for 10.5 percent if IT service spending this year. That’s up from 9.2 percent in 2015. Cloud spending is estimated to be more than $98 billion by the end of this year.
Business Process Outsourcing (BPO) and Systems Integration Services (SIS) are expecting to be the fastest individual business segment.
“An increased demand for digital solutions around 3rd Platform technologies will see cloud-related services spending nearly double by 2020 with continued considerable growth expected into the near future,” said Lisa Nagamine, research manager with IDC’s Worldwide Semiannual Services Tracker report. “Project-oriented and outsourcing services produce the majority of spending in cloud-related IT services driven by a high demand for cloud platform adoption.”
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