Impact of covid-19 on Information, Communication and Technology (ICT) Industry Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Information & Communication Technology Market
The Information & Communication Technology market size was valued at USD 515.31 billion in 2023, and the market is now projected to grow from USD 621.19 billion in 2024 to USD 2,740.46 billion by 2032, exhibiting a CAGR of 20.4% during the forecast period of 2023-2030.
The pandemic disaster changed the manner companies operated and expanded commercial enterprise complexities. In order to adopt these modifications, organizations shifted their work techniques on cloud. This surged the adoption of superior technology inclusive of AI, device gaining knowledge of, and others.
AI businesses continuously have interaction in applicable partnerships and collaborations to gain technological excellence. The key companies undertake this strategy with the intention of combining the excellent of their ideas and the ideas of the partnered corporation. Furthermore, the course for AI in 2024 belongs to the fastest development and ideal integration in both bodily and virtual environments, with big investments propelling R&D activities. Thus, extra applicable partnerships and collaborations are assisting AI-driven corporations attain advancements in artificial intelligence generation. This leads to Information & Communication Technology market boom.
The device can expand human-like textual content, from writing quick testimonies, time period papers, and song to solving math problems, programming primary code, and doing translations. However, different popular on-line offerings took lots longer to hit the million-user mark. The beneath stats show off the time popular on-line offerings took to reach 1,000,000 customers. As a response to the newly launched AI tool, hyper scalers throughout the globe were introducing their variations of AI-powered chatbots.
Comprehensive Analysis of Information & Communication Technology Market
The Information & Communication Technology market is rising at an exponential charge due to its marketplace segmentation. This marketplace enlargement successfully gives a detailed local checks considering the dominant supply and demand forces that impact the enterprise. These segmentations are methodically segregated by component, function, deployment and industry. On the basis of component, the market is segmented into hardware, software/platform, and services. The market is further categorized into human resources, marketing & sales, product/service deployment, service operation, risk, and supply-chain management. According to deployment, the market is similarly bifurcated into cloud and on-premises. According to the industry, the market share is divided into retail, IT & telecom, healthcare, manufacturing, BFSI, advertising & media, automotive, and others.
North America has the largest Information & Communication Technology market share because of the presence of hyper scalers such as IBM Corporation and Microsoft Corporation, and others. The recent ongoing generative AI trend driven those hyper scalers to upgrade their AI technology and expand answers that could cater to converting person necessities.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Microsoft Corporation (U.S.), Amazon.com, Inc. (U.S.), IBM Corporation (U.S.), Alphabet Inc. (Google LLC) (U.S.), Salesforce.com, inc. (U.S.), Baidu, Inc. (China), NVIDIA Corporation (U.S.), H2O.ai (U.S.), Oracle Corporation (U.S.), and Hewlett Packard Enterprise Development LP (U.S.).
In January 2023, Microsoft Corporation and OpenAI enlarge their partnership, proceeding to boost up AI tendencies and offer superior solutions to their clients. The evolution of the partnership allows both businesses to commercialize the resulting advanced AI technologies independently.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 20.4% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Component
Hardware
Software/Platform
Services
By Function
Human Resources
Marketing & Sales
Product/Service Deployment
Service Operation
Risk
Supply-Chain Management
Others
By Deployment
Cloud
On-premises
By Industry
Healthcare
Retail
IT & Telecom
BFSI
Automotive
Advertising & Media
Manufacturing
Others
By Region
North America (By Component, By Function, By Deployment, By Industry, and By Country)
- U.S. (By Component)
- Canada (By Component)
Latin America (By Component, By Function, By Deployment, By Industry, and By Country)
- Brazil (By Component)
- Mexico (By Component)
- Rest of Latin America
Europe (By Component, By Function, By Deployment, By Industry, and By Country)
- U.K. (By Component)
- Germany (By Component)
- France (By Component)
- Scandinavia (By Component)
- Rest of Europe
Middle East & Africa (By Component, By Function, By Deployment, By Industry, and By Country)
- GCC (By Component)
- South Africa (By Component)
- Rest of the Middle East & Africa
Asia Pacific (By Component, By Function, By Deployment, By Industry, and By Country)
- China (By Component)
- Japan (By Component)
- India (By Component)
- Southeast Asia (By Component)
- Rest of Asia Pacific
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Major Factors Driving the Impact of COVID-19
- 4.2. Impact of COVID-19 on the Supply Chain
- 4.3. Opportunities Offered by the Impact of COVID-19
- 4.3.1. Short-term Impact
- 4.3.2. Long-term Impact
- 4.4. Steps Being Taken to Minimize Impact of COVID-19
- 4.4.1. By Major Companies
- 4.4.2. By Government
- 4.4.3. By Industry
- 4.5. Key Industry Developments – In Response to the COVID-19 Impact
- 4.6. Regulatory and Policies Changes – In Response to the COVID-19 Impact
- 4.7. Consolidated SWOT Analysis
- 5. Global Information and Communication Technology Market Analysis, Insights and Forecast, 2016-2024
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Augmented and Virtual Reality
- 5.2.2. Artificial Intelligence
- 5.2.3. Big Data Analytics
- 5.2.4. Cloud-based Services
- 5.2.5. E-learning
- 5.2.6. Smart City
- 5.2.7. Others
- 5.3. Market Analysis, Insights and Forecast – By Region
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. Latin America
- 5.3.5. Middle East & Africa
- 6. North America Information and Communication Technology Market Analysis, Insights and Forecast, 2016-2024
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Augmented and Virtual Reality
- 6.2.2. Artificial Intelligence
- 6.2.3. Big Data Analytics
- 6.2.4. Cloud-based Services
- 6.2.5. E-learning
- 6.2.6. Smart City
- 6.2.7. Others
- 6.3. Market Analysis, Insights and Forecast – By Country
- 6.3.1. U.S.
- 6.3.2. Canada
- 7. Europe Information and Communication Technology Market Analysis, Insights and Forecast, 2016-2024
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Augmented and Virtual Reality
- 7.2.2. Artificial Intelligence
- 7.2.3. Big Data Analytics
- 7.2.4. Cloud-based Services
- 7.2.5. E-learning
- 7.2.6. Smart City
- 7.2.7. Others
- 7.3. Market Analysis, Insights and Forecast – By Country/ Sub-region
- 7.3.1. U.K.
- 7.3.2. Germany
- 7.3.3. France
- 7.3.4. Spain
- 7.3.5. Italy
- 7.3.6. Rest of Europe
- 8. Asia Pacific Information and Communication Technology Market Analysis, Insights and Forecast, 2016-2024
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Augmented and Virtual Reality
- 8.2.2. Artificial Intelligence
- 8.2.3. Big Data Analytics
- 8.2.4. Cloud-based Services
- 8.2.5. E-learning
- 8.2.6. Smart City
- 8.2.7. Others
- 8.3. Market Analysis, Insights and Forecast – By Country/ Sub-region
- 8.3.1. Japan
- 8.3.2. China
- 8.3.3. India
- 8.3.4. Australia
- 8.3.5. Southeast Asia
- 8.3.6. Rest of Asia Pacific
- 9. Latin America Information and Communication Technology Market Analysis, Insights and Forecast, 2016-2024
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Augmented and Virtual Reality
- 9.2.2. Artificial Intelligence
- 9.2.3. Big Data Analytics
- 9.2.4. Cloud-based Services
- 9.2.5. E-learning
- 9.2.6. Smart City
- 9.2.7. Others
- 9.3. Market Analysis, Insights and Forecast – By Country/ Sub-region
- 9.3.1. Brazil
- 9.3.2. Mexico
- 9.3.3. Rest of Latin America
- 10. Middle East & Africa Information and Communication Technology Market Analysis, Insights and Forecast, 2016-2024
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Augmented and Virtual Reality
- 10.2.2. Artificial Intelligence
- 10.2.3. Big Data Analytics
- 10.2.4. Cloud-based Services
- 10.2.5. E-learning
- 10.2.6. Smart City
- 10.2.7. Others
- 10.3. Market Analysis, Insights and Forecast – By Country/ Sub-region
- 10.3.1. GCC Countries
- 10.3.2. South Africa
- 10.3.3. Rest of Middle East & Africa
- 11. Analysis of the High-Medium-Low Impact of COVID-19
- 12. Competitive Analysis
- 12.1. Global Market Share Analysis (2019)
- 12.2. Company Profiles (Overview, Products, Recent Developments, Financials (based on availability))
- 12.2.1. Microsoft Corporation
- 12.2.1.1. Overview,
- 12.2.1.2. Products,
- 12.2.1.3. Recent Developments,
- 12.2.1.4. Financials (based on availability)
- 12.2.2. Amazon
- 12.2.2.1. Overview,
- 12.2.2.2. Products,
- 12.2.2.3. Recent Developments,
- 12.2.2.4. Financials (based on availability)
- 12.2.3. Google
- 12.2.3.1. Overview,
- 12.2.3.2. Products,
- 12.2.3.3. Recent Developments,
- 12.2.3.4. Financials (based on availability)
- 12.2.4. Facebook
- 12.2.4.1. Overview,
- 12.2.4.2. Products,
- 12.2.4.3. Recent Developments,
- 12.2.4.4. Financials (based on availability)
- 12.2.5. Intel
- 12.2.5.1. Overview,
- 12.2.5.2. Products,
- 12.2.5.3. Recent Developments,
- 12.2.5.4. Financials (based on availability)
- 12.2.6. IBM
- 12.2.6.1. Overview,
- 12.2.6.2. Products,
- 12.2.6.3. Recent Developments,
- 12.2.6.4. Financials (based on availability)
- 12.2.7. HP Inc.
- 12.2.7.1. Overview,
- 12.2.7.2. Products,
- 12.2.7.3. Recent Developments,
- 12.2.7.4. Financials (based on availability)
- 12.2.8. Huawei
- 12.2.8.1. Overview,
- 12.2.8.2. Products,
- 12.2.8.3. Recent Developments,
- 12.2.8.4. Financials (based on availability)
- 12.2.9. Hitachi
- 12.2.9.1. Overview,
- 12.2.9.2. Products,
- 12.2.9.3. Recent Developments,
- 12.2.9.4. Financials (based on availability)
- 12.2.10. Dell Technologies
- 12.2.10.1. Overview,
- 12.2.10.2. Products,
- 12.2.10.3. Recent Developments,
- 12.2.10.4. Financials (based on availability)
- 12.2.11. Foxconn
- 12.2.11.1. Overview,
- 12.2.11.2. Products,
- 12.2.11.3. Recent Developments,
- 12.2.11.4. Financials (based on availability)
- 12.2.12. Other Prominent Players
- 12.2.12.1. Overview,
- 12.2.12.2. Products,
- 12.2.12.3. Recent Developments,
- 12.2.12.4. Financials (based on availability)
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