IDC’s third platform spending guides provide detailed sub-industry forecasts for technology investments in nine industries

NEEDHAM, Missa .– (BUSINESS WIRE) – International Data Corporation (IDC) has recently released a series of third-party industry spending guides that provide detailed forecasts on technology spending. The guides cover nine industries: banking, government, health, insurance, manufacturing, oil and gas, retail, securities and investment services and utilities, with detailed projections of spending on 3rd platform technologies (mobility, cloud, big data and analytics (BDA), and social) and innovation accelerators (artificial intelligence (AI), augmented reality / virtual reality (AR / VR), 3D printing, Internet of Things (IoT), security and robotics )), as well as traditional 2nd platform technologies.

“While IT spending is contracting in some areas, third-platform technology spending will experience double-digit growth throughout the post-COVID recovery period,” said Karen Massey, head of research. , Customer Insights & Analysis. “However, investment priorities are somewhat varied by industry. The financial services sector, which includes banking, securities and investment services and the insurance industries, depends more on the cloud, mobility and big data and analytics, for example, but the Internet of Things (IoT) is the main focus of investment in the other six industries, especially manufacturing, oil and gas and utilities . ”

Third platform technologies will become the largest technology investment area in the banking sector in 2022, with cloud and mobility accounting for 30% or more of industry spending over the forecast. With a compound annual growth rate (CAGR) of 11.5%, spending on big data and analytics will be almost equal to mobility at the end of the forecast, while cloud spending is gaining more prominence with a CAGR in five years of 16.2%. Consumer banking will remain the largest sub-industry, with more than half of the industry’s technology spending over forecasts.

The insurance and securities and investment services industries will follow a similar spending trajectory to banking with investments in cloud and mobility at the forefront, followed closely by big data and analysis. Both industries will also see similar levels of investment in state-of-the-art security and AI systems. One of the areas in which the two industries diverge is IoT spending, which will be markedly higher for the insurance industry, led by the property and accident sub-industry.

“In response to the need for resilience and scalability in financial services operations, our research has shown accelerated growth in spending on infrastructure technologies such as cloud and security, and in business areas such as digital banking, risk management in insurance and analysis in the capital markets. industry, “said Jerry Silva, vice president of the program, IDC Financial Insights. “And because many areas of financial institutions are limiting budgets in the face of an uncertain lending environment, investments in cloud solutions and platforms as a service will increase their share of the IT dollar.”

The manufacturing industry will make the largest investments in third-platform technologies, with spending growing to more than $ 800 billion in 2024. The Ido will be the largest investment area, accounting for more than 30% of the IT spending of the industry over the forecast. Robotics will be the second most important spending area, with strong investments in the automobile, consumer packaging products (CPG) and the aerospace and defense sub-industries. Robotics and artificial intelligence systems will experience some of the fastest growth in spending with a five-year CAGR of 19.2% and 19.9%, respectively.

The IoT will also be the largest investment area in both utilities and the oil and gas industry, as they increase the use of sensors in smart meters and for automation of distribution. . Cloud and mobility will see similar investment levels at the start of the forecast, but the cloud will benefit from significantly stronger spending growth over the forecast in both industries. Robotics will also surpass cloud and mobility at the end of the forecast to become the second largest investment area in the oil and gas industry.

At retail, IoT investments will account for nearly a quarter of technology spending, as organizations focus on omnichannel operations. Cloud and mobility will account for another quarter of retail spending, while AR / VR, robotics and AI systems will experience the fastest growth in spending as companies invest in customer experience and automation. For general merchandise retailers like Walmart and Target, the cloud is the top spending priority, while the food store sub-industry will focus more on their IoT spending along with cloud and mobility.

The IdT is also the largest spending area in the healthcare industry, where providers (hospitals, doctors ’clinics and other providers) use remote sensors for night telemetry, asset tracking and remote monitoring. health. Mobility and the cloud will be the next largest spending areas with cloud forecasts that will grow at a significantly faster rate (14.0% CAGR). Investments in AI and robotics systems will also experience strong growth over the five-year CAGR forecast of 21.0% and 16.8% respectively.

Government spending on third-platform technologies is projected to grow to nearly $ 300 billion in 2024 with a CAGR of 11.6%. The IdT will be the largest spending area, accounting for more than a third of third-platform investments, as governments at all levels invest in public safety and emergency response programs, asset management of public infrastructures and intelligent transport systems. Mobility and the cloud will be the next largest investment areas, with cloud spending exceeding mobility at the end of the forecast with a five-year CAGR of 12.9%. The AR / VR and AI systems will experience the fastest growth in spending with CAGR of 84.0% and 25.8% respectively.

IDC’s third-platform industry spending guides provide a detailed market forecast for the third-party industry (mobility, cloud, big data, and analytics and social) and innovation accelerators (artificial intelligence). , augmented reality / virtual reality, 3D printing, Internet of Things, security and robotics technologies), as well as spending data on hardware, software and IT services, as well as two types of distribution (cloud and non-cloud ), in nine geographical regions and 64 sub-industries and lines of business. The guidelines eliminate the duplicate expenditure (overlap or double count) inherent in individual technology forecasts, thus providing a global industry and a sub-industry / line of business projected for emerging technology markets. This version (V1 2021) of the spending guides incorporates updated assumptions about the political, economic and pandemic impacts in all technology and industry markets.

As for IDC spending guides

IDC spending guides provide a detailed view of key technology markets from an industrial, industry, use case, buyer, and technology perspective. Expense guides are delivered through PivotTable format or custom query tool, allowing the user to easily extract meaningful information about each market by visualizing trends and relationships of data.

For more information on IDC spending guides, contact Monika Kumar at

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About IDC

International Data Corporation (IDC) is the world’s leading 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 in technology, IT comparison and sourcing, and industry opportunities and trends in more than 110 countries. IDC’s analysis and vision helps IT professionals, business executives, and the investment community make fact-based technology decisions and achieve their key business goals. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the leading company in marketing services, data and technology marketing. For more information about IDC, visit Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC blog for industry information and news.

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