Information and Communications Technology Market Size Report, Industry Share, Analysis, Growth, 2030

Information and Communications Technology Industry Prospective:

The global information and communications technology market size was evaluated at $11 billion in 2022 and is slated to hit $19 billion by the end of 2030 with a CAGR of nearly 6.2% between 2023 and 2030.

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Information and Communications Technology Market: Overview

Information and communications technology is a term used for information technology and enables unified communications along with integrating telecomm & computers. Furthermore, it facilitates the integration of enterprise software, middleware, storage, and audiovisual functions, thereby enabling accessing, storing, transmission, understanding, and manipulation of the data. Reportedly, information and communications technology also referred to as ICT is a convergence of telephone networks and audio-visuals through a single link system.  

Key Insights

• As per the analysis shared by our research analyst, the global information and communications technology market is projected to expand annually at the annual growth rate of around 6.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global information and communications technology market size was evaluated at nearly $11 billion in 2022 and is expected to reach $19 billion by 2030.
• The information and communications technology market is anticipated to grow rapidly over the forecast timeline owing to the Large-scale acceptance of cutting-edge apps and equipment.
• In terms of type, the IoT segment is slated to register the highest CAGR over the forecast period.
• Based on application, the data center systems segment is predicted to lead the segmental growth in the forecast period.
• Region-wise, the Asia-Pacific information and communications technology industry is projected to register the fastest CAGR over the assessment timeline.

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Information and Communications Technology Market: Growth Factors

Growing demand for innovative tech tools to embellish the growth of the global industry by 2030

Large-scale acceptance of cutting-edge apps and equipment has boosted the growth of the information and communications technology market across the globe. Furthermore, a prominent surge in the need for storing and sharing data across the web on a large scale in minimal time requires a huge capacity of equipment across the globe. This, in turn, will spur the expansion of the market across the globe. The flourishing IoT sector is predicted to scale up the global market trends. The introduction of 5G network systems and the rapid expansion of wireless communication systems will steer the growth of the market globally.

The onset of edge computing IT infrastructure and the growing use of IoT sensors are predicted to steer the growth of the market globally. Moreover, the massive use of cloud computing technology and the rise in the funding of information and communications technology will embellish the expansion of the market globally. The introduction of novel products is predicted to make lucrative contributions towards the expansion of the global market size. For instance, in January 2024, TEWS Technologies GmbH, a key player in embedded I/O services, introduced the TXMC 897 Switched Mezzanine Card (XMC).

Information and Communications Technology Market: Restraints

Huge costs for developing new ICT systems can obstruct the growth of the global industry over 2023-2030

The rise in initial investments in developing information and communications technology tools will retard the expansion of the global information and communications technology industry. Apart from this, rising costs of the ICT systems can further hamper the growth of the industry globally.  

Information and Communications Technology Market: Opportunities

A rise in smartphone use across the globe has opened a slew of growth opportunities for the global market

An increase in the use of broadband systems along with a surging use of wireless equipment such as smartphones and smart gadgets has increased the demand for information and communication systems globally. This, in turn, will open new avenues of growth for the global information and communications technology market.

Information and Communications Technology Market: Challenges

Growing expenses related to technology transfer can be a huge challenge for the global industry

Strict laws related to technology transfer along with high costs of technology transfer can prove as a huge challenge for the global information and communications technology industry surge over the forecast timeline. Copyright violations can prove to be a big deterrence in the growth of the industry across the globe.

Information and Communications Technology Market: Segmentation

The global information and communications technology market is sectored into type, application, and region.                                    

In terms of type, the information and communications technology market across the globe is segregated into security, IoT, big data, cloud computing, and content management segments. Furthermore, the IoT segment, which acquired nearly 37% of the global market proceeds during 2023-2030, is projected to record the highest CAGR over the forecast period. Moreover, the segmental surge over the coming eight years can lead to escalating demand for IoT tools in various business applications. Furthermore, IoT systems are cost-efficient and can easily access various other connected applications. Apart from this, easy access to IoT sensors will further boost the segmental surge in the ensuing years.

Based on the application, the information and communications technology market globally is sectored into IT, devices, communication services, software, data center systems, and others segments. Additionally, the data center systems segment, which garnered a key share in the global industry revenue in 2022, is likely to lead the segmental expansion in the coming eight years. The growth of the segment over the period from 2023 to 2030 can be a result of the ability of the ICT systems to provide swift networking speed, high network capacities, and enhanced efficiency of data processing of the data center systems.  

Information and Communications Technology Market: Report Scope

Information and Communications Technology Market: Regional Insights

North America is predicted to establish a strong foothold in the global market in the coming decade

North America, which accounted for nearly two-thirds of the global information and communications technology market revenue in 2022, will be the leading region in the next eight years. Moreover, the regional market elevation over the forecast timespan can be credited to supportive government policies towards the use of new technologies and a prominent surge in digitization in countries such as the U.S. In addition to this, technological breakthroughs and new product developments will further contribute to the regional market size. Easy access to skilled workforce in the IT domain in the region and a rise in the outsourcing of work to emerging economies of Asia will further steer the growth of the market in North America.

Asia-Pacific information and communications technology industry is set to record the highest CAGR in the forecast timeframe. The growth of the industry in APAC over the forecast timeline can be owing to the thriving telecom sector in countries such as India, China, Japan, Singapore, Taiwan, and South Korea. Apart from this, European countries as well as countries of the Americas are outsourcing IT-related activities to countries such as the Philippines and India, thereby steering the growth of the industry in the sub-continent.  A surge in the use of smartphones and tablets in the region along with the rapidly growing cloud computing sector will further upsurge the regional industry trends.

Key Developments

• In the first half of 2023, Apple Inc., a key U.S.-based firm designing, developing, and selling software & consumer electronics products, launched Apple Vision Pro, a key spatial computer that integrates digital content with the physical world. The move will help the end-users stay connected with others.
• In January 2023, L&T Technology Services Limited, a key player in pure-play engineering services, declared to acquire Smart World & Communication business of L&T. The strategic initiative is projected to help the L&T Technology Services Limited in combining synergies in next-gen communications, cyber security, and sustainable spaces. The move is predicted to boost the growth of the information and communication technology market in India.

 Information and Communications Technology Market: Competitive Space

The global information and communications technology market profiles key players such as:

• Oracle Corporation
• Microsoft Corporation
• SAS Institute
• Hewlett-Packard Company
• Cisco Systems Inc.
• Dell Technologies Inc.
• SAP SE
• IBM Corporation
• Intel Corporation
• VMware

The global information and communications technology market is segmented as follows:

By Type

• Security
•  IoT
• Big Data
• Cloud Computing
• Content Management

By Application

• Devices
• Software
•  IT
• Data Center Systems
• Communication Services
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa