A global study of spending on hardware, software and other technology items, including wages for IT workers, shows the size of the IT industry continues to grow on a steep incline.
The study, produced by the World Information Technology and Services Alliance (WITSA) in cooperation with International Data Corp. (IDC), shows that the information and communication technology industry was worth US$2.1 trillion in 1999. It is projected to become a $2.4 trillion industry in 2003 and surpass $3 trillion in 2004, according to the study titled "Digital Planet 2000: The Global Information Economy."
Researchers gathered data from government agencies and IT industry sources in more than 50 countries and regions that comprise 98 percent of worldwide spending on hardware, software and services, telecommunications hardware and services, office equipment and internal IT spending, including expenditures on IT employees, capital depreciation and the internal IT spending budgets.
The study found that the top 10 countries ranked in order of IT spending in 1999 were the U.S., Japan, Germany, U.K., France, Brazil, Italy, Canada, China and Australia. The top ten countries represented 80 per cent of the global IT spending in 1999.
The appearance of China and Brazil in the top 10 ranking is significant, Harris Miller, president of WITSA, said in a release issued Tuesday along with the study results. The IT industry's compound annual growth rate of more than 7 per cent indicates the sector continues to outpace other industries, and the potential for future growth is still extraordinary, Miller said.