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The 2014 IT Market: Software Takes the Lead as IT Growth Improves
Globally, organizations will spend $2.22 trillion on IT technologies in 2014, up 6.2 percent over 2013 spending, according to Forrester Research. The increase in spending is attributed to investments in mobility, cloud computing, analytics, big data, and smart process applications. The growth in 2014 comes after a growth rate of just 1.6 percent in 2013.
Software and IT consulting and system integration services will grow at the fastest pace among the subcategories of the IT sector in 2014 and again in 2015. That subcategory is expected to grow by 7.8 percent in 2014 and then 11.4 percent in 2015.
Andrew Bartels, VP at Forrester Research, said that “overall, we’re looking at 2014 as being a somewhat better year for the tech market than 2013, with the U.S. market doing the best, relatively speaking… Additionally, the technology market for software is expected to do well… As their economies improve in 2014, so too will their tech buying pick up as they recover… But the global tech market won’t see strong growth until 2015, and even then the 8.1 percent U.S. dollar and 6.9 percent local currency growth rates will be well below the double-digit growth rates of the late 1990s and 2000 era.”
The Forrester report finds that “software’s leading position is not a surprise, because it is the focal point for tech innovation today, whether that innovation takes the form of cloud computing and adoption of software-as-a service (SaaS) and platform-as-a-service (PaaS); smart computing and big data, real-time predictive analytics, and smart process apps; or mobile computing and mobile apps and enterprise app stores.”
