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Tue 12 Aug 2003 04:00 AM

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Vertical markets invest heavily in IT

Although the global economy has been slowing, several vertical industries continue to invest heavily in information technology. Foremost among these leading lights is the manufacturing industry.

Although the global economy has been slowing, several vertical industries continue to invest heavily in information technology. Foremost among these leading lights is the manufacturing industry, which will represent a US$225 billion market for IT vendors by 2007. However, it is not just the manufacturing industry that is spending on IT. According to a new report from IDC, the banking sector will account 12% of the worldwide IT opportunity, while the government sector will continue to offer bright growth potential as it surpasses US$126 billion in IT spending worldwide in 2007. Elsewhere, healthcare, construction and services will spend the most on software, while consumer, education and the communications/media markets will dominate hardware spending. “The worldwide economy ended 2002 much weaker,” says Anne Lu, senior analyst, worldwide vertical markets at IDC. “As a result, IT budgets were negatively impacted as the year progressed and industries struggled to manage costs and meet profit goals. However, certain vertical markets still present bright IT opportunities depending on regions and industries,” she adds.

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