IDC

Projects overall global growth of 4.4% to $3.25 trillion; cloud-based technologies remain a bright spot

IDC predicts that the fastest growing area for AI spending will be the media industry

5G phones will account for just over half of smartphones shipped worldwide in 2022, rising to 80% by 2026, IDC is predicting

The IDC is predicting 5.7% growth this year and 5.2% growth in 2023 for the worldwide IT and business services market

The public cloud services market grew by a hefty 29% last year with the top 5 cloud providers capturing nearly 40% of the market according to IDC

IDC believes that the market will continue to expand throughout the next few years at a rate of 4% to 5%, with cloud technologies being an important driver

The IDC is forecasting that U.S. spending on artificial intelligence solutions will hit $120B by 2025 and that media is one of the fastest growing sectors

New IDC forecast estimates that global spending on software, hardware and services for artificial intelligence will top $500 billion in 2023

Full year cloud infrastructure spending for 2021, is expected to grow 8.3% compared to 2020 to $71.8 billion, the IDC reported