The IT industry contributes significantly to global economic health, controlling inflation and leading to the creation of more new companies and jobs than any other vertical market.
In the US, the high tech sector generated eight per cent of gross domestic last year compared with six per cent in 1993 and boosted economic growth by 15 per cent compared with nine per cent six years ago.
These were the findings of Vicki Brown, IDC?s senior vice president of worldwide operations and marketing, who presented the keynote speech at the market research company?s Directions 99 conference in San Francisco this week.
?According to government data, IT creates 10 per cent of the US?s new jobs each year and employment levels will grow three per cent by 2006. While this may not sound a lot, the average in other sectors is 1.4 per cent, so IT is growing twice as fast as the rest of the market,? she said.
She added: ?IT also controls inflation if you take gross domestic income as the proxy. Without IT, inflation stands at between 3-4 per cent, but in 1997, inflation was actually about 1 1/2 per cent, which shows that IT controlled inflation and even diminished it.?
But while the market was estimated to generate $22 billion last year, it is expected to be worth $1.5 trillion by 2003 and growth will be significant in all segments of the industry.
At the moment, about 50 per cent of this total spend goes on hardware, software, networking technology and internal staffing, while the rest is spent on areas outside of the normal IT budget such as technical deployment, sales and marketing, professional services, Internet content creation and education and training.
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