Kuala Lumpur: The global information and communications technology (ICT) market will exceed $3.7 trillion this year and $4.0 trillion by 2011, according to a study by the World Information Technology and Services Alliance (WITSA).
The report, entitled “Digital Planet 2008”, released by WITSA in conjunction with the ongoing 16th World Congress on Information Technology (WCIT 2008), indicated that slowing economies in developed countries would lead ICT spending into a period of slower growth up to 2011.
However, strong demand last year will spill over into 2008, resulting in an annual growth of 10.3% in both years, down from the peak level of 12.3% in 2004, WITSA said. Growth in overall ICT spending is projected to decline to 3.6% by 2011, it said in a statement.
The semi-annual WCIT being held at the Kuala Lumpur Convention Centre here brings together several thousand industry leaders in the premier global ICT gathering.
“Global demand for ICT is growing and it remains a lifeline for economic growth across all industries and in all economies,” said WITSA. chairman George Newstrom.
“It remains critical for the private and public sectors around the world to work together to address the business and policy issues that collectively impact the ICT market. WITSA’s focus on trade policy, Internet governance and other policy priorities is key to meeting our shared goal,” he said.