Dive Brief:
- Worldwide mobility revenues are expected to grow roughly $40 billion annually until at least 2020, according to International Data Corporation.
- Revenue is forecast to grow 2.2% from $1.5 trillion this year to more than $1.7 trillion by 2020.
- Most of the mobility revenues will be driven by consumer and enterprise hardware and service purchases. However the research firm said mobility software will also see significant growth spurred by demand for mobile application development platforms as well as mobile enterprise applications and security.
Dive Insight:
By 2020, spending on the software market, in particular, is projected to increase by 15% driven by mobile app development and security. Enterprises, adapting to market trends and customer demand, have adopted more flexible solutions.
From smartphones and tablets to connectivity services, enterprises are investing more and more into mobility. In turn, tech providers have made acquisitions and started rolling out solutions that would allow companies to create a more fluid digital experience. Take Google, for example, which last month purchased API company Apigee that makes it easier for companies to digitally interact with customers.
Technology is changing inside the enterprise as well. As businesses become more agile they want employees to have a flexible work environment and work with the technology they choose. But security can become a concern, which has given rise to mobile management platforms.
Certain industries are expected to make substantial investments in mobility, including the banking, discrete manufacturing, professional services, healthcare and retail sectors, according to the report. IDC predicts banking industry investments in mobile will exceed $100 billion by 2020. Meanwhile, the healthcare industry is expected to see the fastest mobility spending growth over the next five years.
