Information And Communications Technology Market
PUBLISHED: 2024 ID: SMRC27214
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Information And Communications Technology Market

Information and Communications Technology Market Forecasts to 2030 - Global Analysis By Product (Hardware, Software, Telecommunications, IT Services and Other Products), Technology, Application, End User and By Geography

4.1 (66 reviews)
4.1 (66 reviews)
Published: 2024 ID: SMRC27214

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Information and Communications Technology Market is accounted for $12.8 billion in 2024 and is expected to reach $20.6 billion by 2030 growing at a CAGR of 8.2% during the forecast period.  Information and Communications Technology (ICT) refers to an integrated system of technological tools and resources used to handle, process, store, retrieve, and transmit information. It includes a broad range of technologies such as computers, software, networking infrastructure, the internet, telecommunications, and other digital systems. It enables seamless communication and data exchange between individuals, organizations, and devices. Its components cover everything from hardware and software to services and applications like data management, telecommunication systems, and cloud computing. ICT plays a pivotal role in sectors like education, healthcare, business, government, and entertainment by enhancing efficiency and connectivity.

Market Dynamics: 

Driver: 

Increasing reliance on cloud computing solutions

Cloud computing has transformed business operations by offering scalability, flexibility, and cost-efficiency, enabling organizations to adam t quickly to changing market conditions and customer needs. It also enhances collaboration and productivity, particularly in remote work environments, as employees can access cloud-based tools and resources from anywhere, promoting real-time collaboration and productivity. This shift has driven demand for cloud services.

Restraint:

Substantial upfront investments

High initial costs can hinder small and medium-sized enterprises (SMEs) from adopting new technologies, as they often operate with limited budgets. This financial barrier restricts their ability to compete effectively in the digital economy, leading to a concentration of market power among larger firms. Additionally, the financial burden associated with upfront investments can slow the pace of digital transformation, hindering innovation and limiting the overall growth of the ICT market.

Opportunity:

Rising internet and mobile penetration

The rise of internet and mobile penetration has led to an explosion of digital services and content across sectors like e-commerce, online entertainment, and digital media. This has created new revenue streams and growth opportunities for ICT companies. Innovative business models, such as the sharing economy, on-demand services, and subscription-based models, have disrupted traditional industries and provided new opportunities for ICT companies propelling the market growth.

Threat:

Cybersecurity risks and data privacy concerns

The Information and Communications Technology market is grappling with complex data privacy regulations like GDPR and CCPA, which can be time-consuming and costly. Compliance requires robust data management, user consent, and transparency. Failure can lead to fines and reputational damage. Data breaches and privacy scandals have eroded consumer trust, leading to decreased loyalty, reduced market share, and lower revenue for ICT firms, this loss of trust can result in competitors switching to ICT companies.

Covid-19 Impact: 

As businesses, governments, and individuals increasingly relied on digital solutions for communication, remote work, and online services. Demand for cloud computing, collaboration tools, cybersecurity, and e-commerce platforms surged, transforming ICT into a vital enabler of continuity. However, the pandemic also exposed gaps, such as digital inequality and supply chain disruptions, impacting hardware production and access to technology in developing regions. 

The software segment is expected to be the largest during the forecast period

The software is expected to be the largest during the forecast period because integration of advanced software solutions has streamlined operations, enhanced communication, and facilitated the management of vast amounts of data. For instance, the rapid technological advancements in software have significantly improved productivity within the ICT producing sector, contributing to overall economic growth. This is particularly evident in areas such as e-commerce, where software platforms have transformed traditional business models, enabling companies to operate more efficiently and reach a global customer base.

The enterprise communication segment is expected to have the highest CAGR during the forecast period

The enterprise communication segment is expected to have the highest CAGR during the forecast period owing to enterprise communication technologies that have transformed customer engagement by enabling real-time, personalized interactions, leading to 90% of companies now competing on customer experience. This transformation builds trust and loyalty, making communication a central element of business strategy. Advanced communication technologies also improve operational efficiency by automating workflows and facilitating data sharing.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to factors like favourable government initiatives towards digitalization, technological advancements, and innovation in products & services, the growth is attributed to high penetration rates of information technology (IT) professionals. In addition, North America, one of the most developed regions, offers less opportunity for new entrants, making it more difficult but also more alluring for industry participants with deep pockets and resources, which use them for strategic initiatives driving overall industry revenue share within this region. 

Region with highest CAGR:

Asia Pacific is projected to witness the highest CAGR over the forecast period due to the rising telecom sector spending as well as the expanding use of cloud computing. Additionally, the rising data usage across numerous industries as a result of the growing demand for smartphones and tablets is fuelling market expansion. Furthermore, technological advancements, strong acquisitions, and collaborations between countries for product development are contributing to the market growth.

Key players in the market

Some of the key players in Information and Communications Technology market include Oracle Corporation, Microsoft Corporation, SAS Institute, Hewlett-Packard Company , Cisco Systems Inc., Dell Technologies Inc, SAP SE, IBM Corporation, Intel Corporation, Vmware, Amazon Web Services (AWS) , Alphabet Inc. , Huawei Technologies Co., Ltd., Accenture plc, Intel Corporation, Samsung Electronics Co., Ltd., Ericsson, Salesforce.com, Inc. and Capgemini SE 

Key Developments:

In September 2024, IBM and Intel have announced a collaboration to deploy Intel® Gaudi® 3 AI accelerators as a service on IBM Cloud. This offering, which is expected to be available in early 2025, aims to help more cost effectively scale enterprise AI and drive innovation underpinned with security and resiliency.

In August 2024, IBM announced the introduction of generative AI capabilities to its managed Threat Detection and Response Services utilized by IBM Consulting analysts to advance and streamline security operations for clients.

In July2024, Cisco, and HTX (Home Team Science and Technology Agency) announced the signing of a memorandum of understanding (MOU) to pilot 5G and AI technologies to enhance Singapore’s homeland security.

Products Covered:
• Hardware
• Software
• Telecommunications
• IT Services
• Other Products

Technologies Covered:
• Cloud Computing 
• Artificial Intelligence (AI) 
• Internet of Things (IoT) 
• 5G Technology 
• Big Data & Analytics 
• Cybersecurity 
• Blockchain 
• Augmented Reality (AR) & Virtual Reality (VR) 
• Automation Technologies 
• Other Technologies  

Applications Covered:
• Enterprise Communication 
• Customer Relationship Management (CRM) 
• Enterprise Resource Planning (ERP) 
• Business Process Management (BPM) 
• Data Management & Analytics 
• Network & Endpoint Security 
• Robotic Process Automation (RPA) 
• E-commerce & Retail Applications 
• Education & E-learning Applications 
• Banking & Financial Services Applications 
• Government & Public Sector Applications 
• Other Applications 

End Users Covered:
• Telecommunications 
• Banking, Financial Services, and Insurance (BFSI) 
• Healthcare 
• Retail 
• Manufacturing 
• Government 
• Transportation and Logistics 
• Energy & Utilities 
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary          
            
2 Preface           
 2.1 Abstract          
 2.2 Stake Holders         
 2.3 Research Scope         
 2.4 Research Methodology        
  2.4.1 Data Mining        
  2.4.2 Data Analysis        
  2.4.3 Data Validation        
  2.4.4 Research Approach        
 2.5 Research Sources         
  2.5.1 Primary Research Sources       
  2.5.2 Secondary Research Sources       
  2.5.3 Assumptions        
            
3 Market Trend Analysis         
 3.1 Introduction         
 3.2 Drivers          
 3.3 Restraints         
 3.4 Opportunities         
 3.5 Threats          
 3.6 Product Analysis         
 3.7 Technology Analysis        
 3.8 Application Analysis        
 3.9 End User Analysis         
 3.10 Emerging Markets         
 3.11 Impact of Covid-19         
            
4 Porters Five Force Analysis         
 4.1 Bargaining power of suppliers        
 4.2 Bargaining power of buyers        
 4.3 Threat of substitutes        
 4.4 Threat of new entrants        
 4.5 Competitive rivalry         
            
5 Global Information and Communications Technology Market, By Product    
 5.1 Introduction         
 5.2 Hardware         
  5.2.1 Computers        
  5.2.2 Networking Equipments       
  5.2.3 Storage Devices        
  5.2.4 Peripherals        
 5.3 Software          
  5.3.1 Operating Systems        
  5.3.2 Programming Languages and Development Tool     
  5.3.3 Application Softwares       
  5.3.4 Database Management Systems      
 5.4 Telecommunications        
  5.4.1 Wireless Services        
  5.4.2 Internet Services        
  5.4.3 Voice & Data Communications       
  5.4.4 Network Infrastructure       
 5.5 IT Services         
  5.5.1 Consulting        
  5.5.2 Systems Integration        
  5.5.3 Managed Services        
  5.5.4 Cloud Services        
 5.6 Other Products         
            
6 Global Information and Communications Technology Market, By Technology    
 6.1 Introduction         
 6.2 Cloud Computing         
 6.3 Artificial Intelligence (AI)        
 6.4 Internet of Things (IoT)        
 6.5 5G Technology         
 6.6 Big Data & Analytics         
 6.7 Cybersecurity         
 6.8 Blockchain         
 6.9 Augmented Reality (AR) & Virtual Reality (VR)      
 6.10 Automation Technologies        
 6.11 Other Technologies         
            
7 Global Information and Communications Technology Market, By Application    
 7.1 Introduction         
 7.2 Enterprise Communication        
 7.3 Customer Relationship Management (CRM)      
 7.4 Enterprise Resource Planning (ERP)       
 7.5 Business Process Management (BPM)       
 7.6 Data Management & Analytics        
 7.7 Network & Endpoint Security        
 7.8 Robotic Process Automation (RPA)       
 7.9 E-commerce & Retail Applications       
 7.10 Education & E-learning Applications       
 7.11 Banking & Financial Services Applications      
 7.12 Government & Public Sector Applications      
 7.13 Other Applications         
            
8 Global Information and Communications Technology Market, By End User    
 8.1 Introduction         
 8.2 Telecommunications        
 8.3 Banking, Financial Services, and Insurance (BFSI)      
 8.4 Healthcare         
 8.5 Retail          
 8.6 Manufacturing         
 8.7 Government         
 8.8 Transportation and Logistics        
 8.9 Energy & Utilities         
 8.10 Other End Users         
            
9 Global Information and Communications Technology Market, By Geography    
 9.1 Introduction         
 9.2 North America         
  9.2.1 US         
  9.2.2 Canada         
  9.2.3 Mexico         
 9.3 Europe          
  9.3.1 Germany         
  9.3.2 UK         
  9.3.3 Italy         
  9.3.4 France         
  9.3.5 Spain         
  9.3.6 Rest of Europe        
 9.4 Asia Pacific         
  9.4.1 Japan         
  9.4.2 China         
  9.4.3 India         
  9.4.4 Australia         
  9.4.5 New Zealand        
  9.4.6 South Korea        
  9.4.7 Rest of Asia Pacific        
 9.5 South America         
  9.5.1 Argentina        
  9.5.2 Brazil         
  9.5.3 Chile         
  9.5.4 Rest of South America       
 9.6 Middle East & Africa        
  9.6.1 Saudi Arabia        
  9.6.2 UAE         
  9.6.3 Qatar         
  9.6.4 South Africa        
  9.6.5 Rest of Middle East & Africa       
            
10 Key Developments          
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures     
 10.2 Acquisitions & Mergers        
 10.3 New Product Launch        
 10.4 Expansions         
 10.5 Other Key Strategies        
            
11 Company Profiling          
 11.1 Oracle Corporation         
 11.2 Microsoft Corporation        
 11.3 SAS Institute         
 11.4 Hewlett-Packard Company        
 11.5 Cisco Systems Inc.         
 11.6 Dell Technologies Inc        
 11.7 SAP SE          
 11.8 IBM Corporation         
 11.9 Intel Corporation         
 11.10 Vmware          
 11.11 Amazon Web Services (AWS)        
 11.12 Alphabet Inc.         
 11.13 Huawei Technologies Co., Ltd.        
 11.14 Accenture plc         
 11.15 Intel Corporation         
 11.16 Samsung Electronics Co., Ltd.        
 11.17 Ericsson          
 11.18 Salesforce.com, Inc.         
 11.19 Capgemini SE         
            
List of Tables           
1 Global Information and Communications Technology Market Outlook, By Region (2022-2030) ($MN)  
2 Global Information and Communications Technology Market Outlook, By Product (2022-2030) ($MN)  
3 Global Information and Communications Technology Market Outlook, By Hardware (2022-2030) ($MN)  
4 Global Information and Communications Technology Market Outlook, By Computers (2022-2030) ($MN)  
5 Global Information and Communications Technology Market Outlook, By Networking Equipments (2022-2030) ($MN)
6 Global Information and Communications Technology Market Outlook, By Storage Devices (2022-2030) ($MN) 
7 Global Information and Communications Technology Market Outlook, By Peripherals (2022-2030) ($MN) 
8 Global Information and Communications Technology Market Outlook, By Software (2022-2030) ($MN)  
9 Global Information and Communications Technology Market Outlook, By Operating Systems (2022-2030) ($MN) 
10 Global Information and Communications Technology Market Outlook, By Programming Languages and Development Tool (2022-2030) ($MN)
11 Global Information and Communications Technology Market Outlook, By Application Softwares (2022-2030) ($MN)
12 Global Information and Communications Technology Market Outlook, By Database Management Systems (2022-2030) ($MN)
13 Global Information and Communications Technology Market Outlook, By Telecommunications (2022-2030) ($MN) 
14 Global Information and Communications Technology Market Outlook, By Wireless Services (2022-2030) ($MN) 
15 Global Information and Communications Technology Market Outlook, By Internet Services (2022-2030) ($MN) 
16 Global Information and Communications Technology Market Outlook, By Voice & Data Communications (2022-2030) ($MN)
17 Global Information and Communications Technology Market Outlook, By Network Infrastructure (2022-2030) ($MN)
18 Global Information and Communications Technology Market Outlook, By IT Services (2022-2030) ($MN)  
19 Global Information and Communications Technology Market Outlook, By Consulting (2022-2030) ($MN)  
20 Global Information and Communications Technology Market Outlook, By Systems Integration (2022-2030) ($MN) 
21 Global Information and Communications Technology Market Outlook, By Managed Services (2022-2030) ($MN) 
22 Global Information and Communications Technology Market Outlook, By Cloud Services (2022-2030) ($MN) 
23 Global Information and Communications Technology Market Outlook, By Other Products (2022-2030) ($MN) 
24 Global Information and Communications Technology Market Outlook, By Technology (2022-2030) ($MN) 
25 Global Information and Communications Technology Market Outlook, By Cloud Computing (2022-2030) ($MN) 
26 Global Information and Communications Technology Market Outlook, By Artificial Intelligence (AI) (2022-2030) ($MN)
27 Global Information and Communications Technology Market Outlook, By Internet of Things (IoT) (2022-2030) ($MN)
28 Global Information and Communications Technology Market Outlook, By 5G Technology (2022-2030) ($MN) 
29 Global Information and Communications Technology Market Outlook, By Big Data & Analytics (2022-2030) ($MN) 
30 Global Information and Communications Technology Market Outlook, By Cybersecurity (2022-2030) ($MN) 
31 Global Information and Communications Technology Market Outlook, By Blockchain (2022-2030) ($MN)  
32 Global Information and Communications Technology Market Outlook, By Augmented Reality (AR) & Virtual Reality (VR) (2022-2030) ($MN)
33 Global Information and Communications Technology Market Outlook, By Automation Technologies (2022-2030) ($MN)
34 Global Information and Communications Technology Market Outlook, By Other Technologies (2022-2030) ($MN) 
35 Global Information and Communications Technology Market Outlook, By Application (2022-2030) ($MN) 
36 Global Information and Communications Technology Market Outlook, By Enterprise Communication (2022-2030) ($MN)
37 Global Information and Communications Technology Market Outlook, By Customer Relationship Management (CRM) (2022-2030) ($MN)
38 Global Information and Communications Technology Market Outlook, By Enterprise Resource Planning (ERP) (2022-2030) ($MN)
39 Global Information and Communications Technology Market Outlook, By Business Process Management (BPM) (2022-2030) ($MN)
40 Global Information and Communications Technology Market Outlook, By Data Management & Analytics (2022-2030) ($MN)
41 Global Information and Communications Technology Market Outlook, By Network & Endpoint Security (2022-2030) ($MN)
42 Global Information and Communications Technology Market Outlook, By Robotic Process Automation (RPA) (2022-2030) ($MN)
43 Global Information and Communications Technology Market Outlook, By E-commerce & Retail Applications (2022-2030) ($MN)
44 Global Information and Communications Technology Market Outlook, By Education & E-learning Applications (2022-2030) ($MN)
45 Global Information and Communications Technology Market Outlook, By Banking & Financial Services Applications (2022-2030) ($MN)
46 Global Information and Communications Technology Market Outlook, By Government & Public Sector Applications (2022-2030) ($MN)
47 Global Information and Communications Technology Market Outlook, By Other Applications (2022-2030) ($MN) 
48 Global Information and Communications Technology Market Outlook, By End User (2022-2030) ($MN)  
49 Global Information and Communications Technology Market Outlook, By Telecommunications (2022-2030) ($MN) 
50 Global Information and Communications Technology Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2022-2030) ($MN)
51 Global Information and Communications Technology Market Outlook, By Healthcare (2022-2030) ($MN)  
52 Global Information and Communications Technology Market Outlook, By Retail (2022-2030) ($MN)  
53 Global Information and Communications Technology Market Outlook, By Telecommunications (2022-2030) ($MN) 
54 Global Information and Communications Technology Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2022-2030) ($MN)
55 Global Information and Communications Technology Market Outlook, By Healthcare (2022-2030) ($MN)  
56 Global Information and Communications Technology Market Outlook, By Retail (2022-2030) ($MN)  
57 Global Information and Communications Technology Market Outlook, By Telecommunications (2022-2030) ($MN) 
            
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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