Worldwide IT Spending by Manufacturing Industry Is Expected to Reach $225 Billion by 2007, IDC Reveals
FRAMINGHAM, MA – AUGUST 6, 2003 – Although the global economy has been slowing, several vertical industries continue to invest heavily in information technology (IT), creating opportunities for IT vendors. Ongoing IT investments by the manufacturing industry, for example, will represent a $225 billion market by 2007, according to a new report from IDC.
"The worldwide economy ended 2002 much weaker," noted Anne Lu, senior analyst, Worldwide Vertical Markets at IDC. "As a result, IT budgets were negatively impacted as the year progressed and industries struggled to manage costs and meet profit goals. However, certain vertical markets still present bright IT opportunities depending on regions and industries."
Other key findings from IDC's report include:
The discrete manufacturing and banking sectors will be the biggest overall IT spenders, accounting for 13% and 12%, respectively, of the worldwide IT opportunity.
The government sector will continue to offer brighter growth potential than other vertical industries and will surpass $126 billion in IT spending worldwide in 2007.
IDC predicts that the industries spending the most on software in 2007 will be healthcare, construction, and services, with $87.2 billion in combined spending.
IT hardware spending will be highest in the consumer, education, and communications/media markets, where combined spending will reach $168.9 billion.
Spending for IT services will be led by the banking, insurance, and utilities industries, with $162.3 billion in total spending.
IDC's new study, Worldwide IT Spending Forecast by Vertical Market, 2002-2007: North America, Western Europe, Asia/Pacific, and Rest of World (IDC # 29648), focuses on IT spending patterns in four regions and anticipated spending levels and market sizes for 8 IT segments across 17 vertical industries. Based on the 1Q03 Black Book, this study also includes go-to-market strategy recommendations for IT vendors as they target specific vertical industries.
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