IDC: IT Spending in European Vertical Markets to Surpass $400 billion by 2010
Worldwide spending on information technology by end users hit $1.16 trillion in 2006, and will increase at a compound annual growth rate (CAGR) of 6.3% to reach $1.48 trillion in 2010, according to earlier IDC forecasts on worldwide vertical market IT spending.
European Vertical Markets Highlights:
- Software is expected to be the fastest growing segment, closely followed by IT services (driven by operations and planning).
- Hardware is expected to register weak growth throughout the forecast period.
- Manufacturing remains the largest revenue opportunity for IT vendors, accounting for nearly 22% of total IT spending.
- IT spending in retail is expected to grow at 5.4% in 2006 to 2007, with stronger opportunities in the U.K., Spain, and Italy.
- The best opportunities at a vertical level continue to be found in public sector organizations, particularly the local government and healthcare segments.
- The education sector is expected to continue to lag.
This IDC study, Western European Information Technology Vertical Markets' Spending, Forecast Update, 2005–2010 (January 2007) provides new data and analysis for Western European IT spending trends by vertical market for 2005 to 2010.