Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 11 Billion | USD 19 Billion | 6.2% | 2022 |
FrequentlyAsked Questions
Information and communications technology is a term used for information technology and enables unified communications along with integrating telecomm & computers. Furthermore, it facilitates the integrating of enterprise software, middleware, storage, and audio-visual functions.
The global information and communications technology market growth over forecast period can be owing to the introduction of 5G network systems and the rapid expansion of wireless communication systems.
According to a study, the global information and communications technology industry size was $11 billion in 2022 and is projected to reach $19 billion by the end of 2030.
The global information and communications technology market is anticipated to record a CAGR of nearly 6.2% from 2023 to 2030.
The Asia-Pacific is set to dominate the global information and communications technology industry over the forecasting timeline 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.
The global information and communications technology market is led by players such as Oracle Corporation, Microsoft Corporation, SAS Institute, Hewlett-Packard Company, Cisco Systems, Inc., Dell Technologies Inc., SAP SE, IBM Corporation, Intel Corporation, and VMware.
The global information and communications technology market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.
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