CIOs betting on new technologies can cheer as ICT spending to cross $5.6 trillion

Research firm IDC has revealed the latest ICT spending forecast for the year 2021 showing good news for enterprise CIOs, business decision makers and IT heads who are betting on new technologies to augment business.

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ICT spending forecast for India
ICT spending, including new technologies, is expected to cross $5.6 trillion in 2021, said IDC.

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The exciting development for CIOs and IT departments at enterprises is the contribution of new 3rd Platform technologies, including Internet of Things (IoT) solutions, robots and drones, augmented reality and virtual reality (AR/VR) headsets, and 3D printers. These technologies will account for 23 percent of total ICT spending in 2021.

3rd Platform investments, including cloud, mobile, big data & analytics, and social, will make up more than 70 percent of ICT spending.

AR/VR, cognitive and artificial intelligence (AI), 3D printing, and robotics were the fastest-growing technology markets last year.

IoT has grown to account for 15 percent of ICT spending, including new operational technology (OT) software and services.

“Mature economies are leading the way in some 3rd Platform markets, thanks to advanced cloud infrastructure and software innovation driving rapid adoption of solutions around big data and analytics, cognitive AI, and cloud-based software,” said Stephen Minton, vice president, Customer Insights & Analysis at IDC.

China has accounted for 28 percent of worldwide IoT spending in 2017. China accounted for 29 percent of total robotics investments, compared to 12 percent of traditional ICT spending categories (hardware, software, services and telecom).

The IT report said Japan and some other Asia Pacific countries are early adopters of robotics and IoT. 3D printing has seen strong early adoption in China and Germany.

Cognitive AI investments are dominated by U.S. businesses, who are also leading the way in AR/VR prototypes.

Emerging markets, such as India and Brazil, are major contributors to mobility spending, but are still playing catch up when it comes to cloud.