- +91 901 101 3111
- Sales@omniscientresearch.com
Key Market Insights:
The global ICT market was valued at USD 5.6 trillion in 2024 and is projected to reach approximately USD 8.3 trillion by 2031, growing at a CAGR of 5.7% during the forecast period. The market encompasses a broad array of technologies including telecommunications, IT services, enterprise software, cloud computing, data centers, and IoT solutions. For instance, IBM’s introduction of the z17 mainframe in April 2025 marks a significant advancement in the Information and Communication Technology (ICT) market, particularly in integrating artificial intelligence (AI) into enterprise infrastructure. The z17 is engineered to handle over 250 AI use cases across various industries, including finance, healthcare, and retail, enhancing capabilities in areas like fraud detection, risk assessment, and customer service. At the core of the z17 is the Telum II processor, built on Samsung’s 5nm technology, featuring an on-chip AI coprocessor designed for efficient inferencing tasks. This allows the system to process 50% more AI inference operations daily compared to its predecessor, the z16.
Growing enterprise digital transformation, expanding 5G networks, and adoption of AI and cloud services are key drivers. The ICT market serves as a backbone for innovation across all sectors, fueling productivity, connectivity, and data-driven decision-making. Strategic investments in cybersecurity and data sovereignty are further accelerating demand globally.
Latest Trends:
Cloud-Native Architectures and AI-Powered Services Lead ICT Evolution
The ICT sector is being reshaped by rapid adoption of cloud-native architectures and artificial intelligence (AI). Organizations are moving away from monolithic systems to microservices, containerization, and DevOps-driven delivery models. Amazon Web Services (AWS), Microsoft Azure, and Google Cloud have introduced serverless and hybrid cloud solutions to address diverse enterprise workloads. Additionally, AI is now embedded in enterprise functions, from AI chatbots and generative content tools (e.g., OpenAI’s ChatGPT Enterprise) to predictive analytics platforms and RPA. In 2024, IBM expanded WatsonX for responsible AI governance, while Salesforce launched Einstein GPT for CRM automation. Simultaneously, 5G expansion is enabling ultra-low-latency applications, such as real-time industrial monitoring, autonomous mobility, and immersive AR/VR.
Moreover, the growing need for sustainability is also influencing the market, with tech giants investing in green data centers and energy-efficient networks. For example, Meta and Google are powering hyperscale data centers with renewable energy to meet ESG targets.
Driving Factors:
Digital Transformation, 5G Rollout, and AI Integration Fuel Growth
The global ICT market is being propelled by accelerated digital transformation across public and private sectors. Enterprises are investing in ERP, CRM, cybersecurity, and data platforms to drive operational efficiency and customer engagement. For instance, Oracle experienced double-digit SaaS growth in 2024, driven by cloud migrations.
Additionally, 5G network rollouts are a major catalyst, particularly in Asia-Pacific and Europe. Ericsson and Nokia have secured contracts across India, Japan, and Germany to deploy private and public 5G infrastructure, supporting new applications in healthcare, automotive, and smart cities. Moreover, governments are supporting digitization with national strategies. The EU’s Digital Decade policy aims to digitalize 75% of EU enterprises by 2030, while India’s Digital Bharat program focuses on rural connectivity, fintech, and digital education.
Restraining Factors:
Cybersecurity Threats and Regulatory Complexities Hamper Expansion
The ICT sector faces significant constraints related to cybersecurity and compliance. The increasing frequency and complexity of cyberattacks including ransomware, data breaches, and supply chain vulnerabilities is escalating enterprise risk. High-profile attacks like the 2024 MOVEit hack, which impacted government and Fortune 500 entities, have intensified scrutiny.
Furthermore, global regulatory fragmentation — from GDPR in Europe to data localization mandates in China and India — complicates cross-border data flows and cloud service operations. Tech providers must invest heavily in compliance, legal teams, and localized infrastructure, raising operational costs.
Segmental Analysis
By Types:
Software Segment Leads Due to Growing Enterprise Adoption of SaaS Platforms
Based on type, the global ICT market is categorized into Hardware, Software, IT Services, and Telecommunication Services. The Software segment holds the largest share, driven by rising adoption of SaaS solutions across enterprises. Companies like Salesforce, SAP, and Adobe are expanding their cloud-based offerings for CRM, ERP, and content creation, respectively. The cost efficiency and scalability of SaaS platforms make them ideal for digital transformation initiatives across sectors.
By Technology:
Cloud Computing Leads Technological Segmentation Owing to Scalability and Efficiency
Based on technology, the market includes Artificial Intelligence (AI), Cloud Computing, Internet of Things (IoT), Edge Computing, and Big Data & Analytics. Cloud computing holds the largest share due to its central role in digital infrastructure. AWS, Microsoft Azure, and Google Cloud dominate the global market, enabling businesses to transition from legacy systems to agile, cloud-based architectures. Demand for multi-cloud and hybrid cloud models is also growing, particularly in regulated industries.
By End-User
Government Sector Dominates Due to National Digitalization Efforts
Based on end-user, the ICT market is segmented into Government, BFSI, Healthcare, Manufacturing, Retail, Education, and IT & Telecom. The Government sector dominates the market, propelled by large-scale digital transformation projects such as India’s Digital India mission, the U.S. Federal Cloud Computing Strategy, and the EU’s e-Government initiatives. Governments are major adopters of cloud, cybersecurity, and data analytics to improve public services, efficiency, and security.
Regional Insights:
The ICT market is assessed across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Industry Insights:
Edge Computing and IoT Convergence Is Transforming Real-Time Decision Making
Edge computing is gaining momentum as enterprises seek low-latency solutions for mission-critical applications. Edge data centers, coupled with IoT sensors, are enabling real-time monitoring in industries like manufacturing, logistics, and energy. Companies like Dell Technologies, HPE, and Siemens are deploying edge-native platforms that integrate AI and analytics at the source of data generation.
Key Industry Players:
Key Developments:
November 2024: IBM announced the launch of its watsonx platform on IBM Cloud in Australia and New Zealand, aiming to provide businesses with a robust, enterprise-grade AI and machine learning solution. This initiative aligns with the Australian government’s recent regulations promoting safe and responsible AI adoption.
Segmentation:
By Type:
By Technology:
By End-User:
By Region: