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July 24, 2018 | IDCEstimated reading time: 1 minute
Total spending on ICT (including business and IT services, hardware, and software) in Central and Eastern Europe (CEE) will continue its positive momentum to reach $127.3 billion in 2019, according to the new release of the Worldwide Semiannual IT Spending Guide: Industry and Company Size published by International Data Corporation (IDC).
Among industry verticals, telecommunications and banking are the leaders in terms of ICT market spending. Spending in the telecommunications industry is forecast to grow at a compound annual growth rate (CAGR) of 5.6% through 2022, with total spending exceeding $12.6 billion. The emergence of innovative technologies depends on solid infrastructure, reliable datacenters, and network improvements such as fiber-optic communication and 5G mobile. In addition, the telecom industry supports innovation in other verticals, with digital advances such as online/mobile payment options, telematic systems, and machine-to-machine communication and messaging systems.
Banks are investing in innovation, digitalization, and the automation of processes, in order ot help them to compete with the many financial technology (FinTech) companies and start-ups.
In the CEE, the top five industries measured by ICT spending are shown in the chart below, along with their expected CAGRs over the 2018-2022 forecast period.
Consumer ICT spending is forecast to record a CAGR of only 0.37% through 2022, most of which traditionally goes to telecom services (64.2%), hardware (34.9%) and software (0.9%).
In terms of end-user segments, large businesses (500-999 employees) are expected to account for more than 17% of total ICT spending in 2018. Medium-sized businesses will be responsible for just over 11%, and spending by small businesses will amount to around 8%. IT spending among small/home offices will be limited, accounting for about 5% of total ICT spending.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of IDG, the world's leading technology media, data, and marketing services company.
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