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June 23, 2016updated 22 Sep 2016 12:22pm

What is IT?

A vertical of ICT, IT is used by nearly all companies around the world.

By Joao Lima

Information technology, or IT as it is widely used, refers to the use of computers and other hardware (including networking and storage hardware) within an enterprise.

The idea is to generate, analyse, store and share data with and from the relevant parts of the business.

IT has over the last decades become more prominent within enterprises worldwide, leading to the creation of specific IT teams to deal with IT-related developments.

Click next for an overview of the IT market.

The IT market is today one of the largest segments of the world’s economy. In 2016, analysts predict that spending within the IT field will reach $3.54tr, up from 2015’s $3.52tr.

Communications services account for the majority of the value, with 2016’s spending forecasted to top $1.5tr.

This is followed by IT services ($940bn), devices ($641bn), software ($326bn) and data centre systems ($175bn).

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By 2020, IT spending is expected to be within $3.9tr and $4tr.

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