Investments in technology useful in improving productivity and accuracy of business processes have shown a significant increase across the globe in the year 2015.Toronto Information technology have shown increased utilization of online services and Asian online shopping sites rose into fame this past year. These are only some of the biggest sources of revenues in the Information Technology industry.
According to a research conducted by International Data Corporation (IDC) which operates under International Data Group (IDG), the top ten IT spenders spent a total of $53.7 billion in 2015. This shows an astounding $8.3 billion increase from what these companies used to be spending in 2014. Information technology helps automate services reducing the variation in business processes to increase the likelihood of getting consistent high quality results.
The biggest among the top spenders who went all out in purchasing products and services to upgrade the technology used in their businesses, is Wal-Mart. International Data Corporation (IDC) on its newly completed data research on IT expenditure across all industries worldwide reported that Wal-Mart spent a total of $10.5 billion on IT products and services. This investment went to Wal-Mart’s pursuit to widen the reach in its online grocery store, the development of a mobile app for Wal-Mart customers and the long-term goal of being the prime game player in e-commerce.
Wal-Mart has been constantly adapting to technology in the delivery of its product and services. Its strong link to the use of information technology makes Wal-Mart relevant in the competitive modern market. As a company known for its agility in changing the competition by exploring new ways to do business, it is not a big surprise that Wal-Mart invested this much for IT services.
Other giant Information technology spenders in 2015 are Wells Fargo spending $ 6.3 billion and Bank of America at number 3 with $6.3 billion. Citigroup Inc. follows closely with $5.4 billion worth of IT investments landing at number 4 and closing the top 5 is telecommunications giant AT&T Inc. with $5 billion. JP Morgan and Chase came 6th with $4.8 billion of investments in IT products and services, Verizon Communications at 7th place with $4.4 billion, HSBC Holdings with $3.8 billion at number 8 and landing at number 9 is Alphabet Inc. with $3.4 billion worth of investments. Closing the top ten list of the biggest information technology spenders in 2015 is General Electric Company, who spent $3.3 billion in IT services.
Breaking down the categories of IT services where these companies are spending revealed that IT services took the largest share with companies spending 32% of their investment here. The remaining chunk is spent on hardware and software at 18% and 15 % respectively.
Information Data Corp (IDC) has had rich experience in information management specializing in market data research. Major areas of IDC research has been focused on telecommunications, information technology and consumer behavior. IDC has generated useful information for various businesses since its founding in 1964. Based in Massachusetts, IDC continues to generate data research matching the pace of the constantly evolving market.