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- 17 March 2010 12:08
IDC: Vertical Market Update Shows Modest Recovery in ICT in 2010
Sydney, Australia, 17 March 2010. A new vertical markets report from International Data Corporation (IDC) shows a transforming marketplace in 2010, driven by a growing impact of the cloud services model, an explosion of mobile devices and applications and the continuing rollout of higher-speed networks.
According to the report titled Australia Vertical Markets 2010–2013 Forecast and Analysis: Update 1H10, this year will be one of modest recovery for the IT and telecommunications industries.
"In times of global economic uncertainty, understanding and anticipating shifts in technology markets by vertical industries is critical for maintaining your competitive advantage. Suppliers must understand the strategic business issues and pain points of an organisation and the industry in which it operates, in order to demonstrate competence and value," said Melissa Martin, Senior Market Analyst, Verticals at IDC Australia.
"Imagine that you have a business problem and are evaluating companies to help you solve it. You can choose a generalist that claims to do everything for every scenario, or an expert that focuses on solving exactly the kind of problem you have, for companies just like yours, with a track record of success. Naturally, the expert, which demonstrates the advantage of vertical market knowledge wins the deal."
Based on IDC's updated forecasts, the business ICT market (hardware, services, software, and telecommunications) in Australia will grow from $45,195 million in 2010 to $51,829 million in 2013.
The top 3 positions in terms of ICT spending in 2010 remain unchanged. Banking, Financial Services and Insurance (BFSI) will spend $9,763 million; Government $6,214 million; and Communications and Media $5,608 million.
However, it is the Business Services, Construction and Manufacturing markets that are forecast to experience the fastest increase in ICT investment in the next few years - with respective compound annual growth rates (CAGRs) of 5.1%, 5.1%, and 4.7% in the forecast period of 2009 - 2013.
Key predictions for ICT spending are around three main themes: 1. Building the foundation of an intelligent economy (i.e. smart cities and electronic health records [EHR]) 2. More consumer-focused IT investments (i.e., retailers using online social commerce and governments focusing on citizen-centric service delivery); and 3. More investments in better analytics (i.e., retailers investing in demand intelligence and business intelligence [BI] to lower inventory costs and transparency boosting data integrity in government.
With regard to Australia's Vertical Markets, IDC forecasts the following in 2010: · Banking priorities will be Gen Y Banking/Banking 2.0, Risk Management and IT Security, Data Management, Business Intelligence and Innovation. · Government priorities will be continued Government reformation from the Gershon review, Driving Next Gen Connectivity / NBN and Whole-of-Govt initiatives (such as purchasing). · Utility priorities include Smart Meters and the Intelligent Grid, greater Customer Engagement and Security. · Health priorities will be Electronic Health Records, Self Help / Health 2.0 and Remote Patient Monitoring.
For further information or to request an analyst briefing on this topic, please contact Sally Taylor-Phillips, Marketing Communications Manager at IDC on +61 2 9925 2234 or e-mail email@example.com.
About IDC IDC is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives, and the investment community make fact-based decisions on technology purchases and business strategy. More than 1000 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends covering over 110 countries worldwide. For more than 45 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. You can learn more about IDC by visiting www.idc.com or www.idc.com.au.