The term information technology (IT), sometimes called information and communications technology or ICT, encompasses a vast range of activities. These include:
Computer programming
Computer consultancy
Computer gaming
Computer networking activities
Computing facilities management
Data processing
Data hosting activities
Internet service provision
Telecommunications
Web portals
The sector is highly innovative and subject to constant technological development. It is also the source of dramatic changes in business practices in all other industrial sectors. Consumers and businesses now expect to be able to communicate with each other instantly and IT has driven huge increases in productivity in recent decades. A process of convergence has also been underway for some time between IT and telephony, driven by transforming voice traffic from an analogue signal to a digital packet, indistinguishable from other data packets travelling through a computer network.
Cloud computing services are now providing yet another catalyst for ICT convergence, and a revolution in the way businesses operate. Telecommunications carriers are gradually moving IT systems and internet data centers into the cloud, while uniform standards are being developed to speed rapid cloud development. One of the main advantages of cloud computing for businesses is that they no longer need to buy or maintain expensive and energy-draining servers. IT administration, including licensing issues, software updates, and IT security management, is looked after by the cloud computing provider. Cloud computing also allows a dispersed workforce to work effectively, and collaborate easily, even if they are stretched around the globe.
Companies in this industry provide services such as software support, computer systems design, and data processing facilities management. Major companies include Cognizant, DXC Technology, and the technology consulting arm of IBM (all based in the US), along with Accenture (Ireland); Capgemini (France); and HCL Technologies, Infosys, Tata Consultancy Services, and Wipro (all based in India).
Worldwide IT spending is projected to reach about $5 trillion in 2023, an increase of 5.1% from 2022, according to Gartner. Demand for IT in 2023 is expected to be strong as enterprises push forward with digital business initiatives. Digital technology initiatives will remain a priority for the industry, driven by the changing work landscape to accommodate complex hybrid work for employees.
The US information technology (IT) services industry includes about 145,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $445 billion.
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Sources: www2.deloitte.com , https://www.schwab.com , https://www.gartner.com , https://www.racksolutions.com , https://www.vault.com , www.dnb.com
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