According to Gartner, worldwide IT spending will reach $3.76 trillion in 2019, recording a year on year (YoY) increase of 3.2 per cent. Further, it is expected to increase to $3.87 trillion by 2020, recording a YoY growth of 2.8 per cent.

IT services is projected to grow by 4.7 per cent in 2019 to $1.03 trillion and by another 4.8 per cent in 2020 to $1.07 trillion. In addition, global enterprise software spending is projected to grow by 8.5 per cent in 2019 and by 8.2 per cent in 2020 reaching a total value of $466 billion.

Gartner also highlighted that IT spending is gradually moving from saturated segments such as mobile phones, personal computers and on-premises data centre infrastructure to cloud services and internet of things (IoT) devices.

Despite a slowdown in the mobile phone market, Gartner expects the devices segment to grow by 1.6 per cent in 2019 and 1.4 per cent in 2020 to reach a total value of $689 million.

Further, communications services are expected to grow by 1.3 per cent and 1.5 per cent in 2019 and 2020, respectively, to reach a total value of $1.43 trillion. Likewise, data centre systems segment is projected to touch $202 billion by 2020.