THE 4.8 TRILLION INDUSTRY
The global IT industry surpassed $4.5 trillion of spending in 2017, according to the research consultancy IDC. If growth expectations materialize in the year ahead, spending will eclipse the $4.8 trillion mark. The United States is the largest tech market in the world, representing 31% of the total, or approximately $1.14 trillion, for 2018. In the US, as well as in many other countries, the tech sector is one of the most significant contributors to GDP. The Asia-Pacific region, which encompasses Japan, China, Australia, and India, among other nations, accounts for onethird of the total. APEC has increased its share of the global IT pie, driven by the rise of China and India, in particular, and slower growth rates experienced in parts of Europe and other markets. By 2032, China is projected to claim the mantle of the largest economy in the world.