Global IT Economics

Looking closely at the information technology industry and following the recent innovation and advancements made in the sector, we have compiled 19 top predictions for 2019 and beyond.

The scope of these predictions includes key segments like IT services and hardware, as well as emerging trends such as cloud services, artificial intelligence, and blockchain technology.

  1. The total global spending for the IT industry is projected to be around $3.8 trillion in 2019, a 3.2% increase from expected spending of $3.7 trillion in 2018.
  2. In 2019, spending on IT services is estimated to be $1.03 trillion globally.
  3. Worldwide IT spending on hardware and enterprise software is projected at $706 billion and $439 billion respectively by 2019.
  4. The yearly worldwide spending on cloud solutions is projected to increase by 19.4% in 2019.
  5. The global public cloud services market is expected to grow to $206.2 billion in 2019, a 17.3% increase from $175.8 billion in 2018.
  6. More than $1.3 trillion of IT industry revenue in key IT segments such as system infrastructure, infrastructure software, and application software, will be directly or indirectly affected by the shift to cloud technologies by 2022.
  7. AI services are expected to generate revenues of over $19 billion worldwide by 2020.
  8. Global AI application in cybersecurity is predicted to be worth $18.1 billion in 2023.
  9. The global cybersecurity market is estimated to grow from $152.7 billion in 2018 to $248.3 billion in 2023.
  10. Total units of AR/VR devices shipped globally is expected to increase to 68.9 million in 2020.
  11. The number of shipments of 5G-enabled smartphones will reach 2 million units worldwide in 2019.
  12. By 2025, the 5G market will be worth about $251 billion.
  13. In 2020, the demand for database administrators is projected to increase by 31%, with an addition of 33,900 jobs in the US.
  14. More than 77% of financial institutions are estimated to incorporate blockchain technology into their in-production process by 2020.
  15. By 2024, the blockchain market will be worth more than $16 billion.
  16. By 2022, more than five countries would have issued a national cryptocurrency, and by 2030, most governments would have created or adopted a form of virtual currency.
  17. There will be more than 20 billion Internet-of-Things connected devices by 2020.
  18. Nearly $6 trillion will be spent on IoT solutions by 2023.
  19. Worldwide spending on data storage is expected to exceed $51 billion by 2019.

For more interesting predictions about the IT industry, check out the infographic below.

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