THE 4.8 TRIL­LION IN­DUS­TRY

CEO Magazine North America - - AT THE FRONT — BUSINESS -

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.

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