Research house Gartner has predicted that global IT spending will reach $3.7 trillion in 2018, with communication services driving majority of the spending.
The projection sees a 4.3% increase from this year's estimated spend of $3.5 trillion. Additionally Gartner said that software spending is expected to grow 8.5% in 2017 and will grow another 9.4% in 2018, reaching $387bn.
IT spending has been predicted to grow 4% this year and will increase to 5.3% in 2018 to reach $980bn. Gartner also expects the device segment to grow for the first time in two years, this is down to the increase average selling price point for premium phones, such as the iPhone 8 and iPhone X.
While all IT spending segments are expected to experience growth in 2017, Gartner has identified 10 markets within these segments that will make up the most dynamic portion of the IT spending forecast in 2018.
The markets include three cloud segments (infrastructure as a service [IaaS], integrated platform as a service [iPaas] and communications platform as a service [cPaaS]) - range from technologies that enhance the digital workplace, such as work stream collaboration, workforce analytics and video message-oriented middleware (MOM), to security (endpoint detection and response), analytics (smart data discovery) and storage (in-memory data grids).
John-David Lovelock, research vice president at Gartner, said: "Global IT spending is showing little overall growth, as are traditional markets. These top 10 markets will be the key to remaining relevant and achieving growth in the future.
"The IT buying landscape is changing: Digital business transformation is an effort to create connected, platforms and new industry revenue streams," said Mr. Lovelock. "Organisations that are not creating new digital business models or new ways to engage constituents or customers, are falling behind. Those vendors that do not move more quickly than their clients, will be left behind."