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Computing and Technology Market Research Reports

"Tech Trends Unveiled: Insights into the Computing Sector's Growth and Innovations (2024 Market Size: USD 4.7 trillion)"!

Computing and Technology Industry Overview

In recent years, the computing and technology market has experienced substantial growth and transformation. According to cognitive market research, the computing and technology market size was USD 4.5 trillion. In 2024 The market size is USD 4.7 trillion and will be USD 14.88 trillion in 2031, with a compound annual growth rate of 15.50%. Investments in cybersecurity, cloud computing, and digital transformation are the primary factors driving this expansion. Revenues were surpassed to USD 600 billion in 2023, a significant increase from USD 500 billion in 2022 as the cloud computing market continues to expand. 

The pervasive adoption of hybrid and multi-cloud strategies by enterprises is the primary factor contributing to this growth. The cloud spending will exceed 50% of total IT spending by 2024, underscoring its indispensable position in digital infrastructure. AI remains a significant force in the technology market. The AI market was valued at USD 140 billion in 2023, and USD 165 billion in 2024. AI adoption is increasing in a variety of sectors, such as finance, healthcare, and retail, which is improving user experiences and operational efficiency. The expenditure on cybersecurity is increasing in response to the rise in cyber threats. Organizations invested more than USD 180 billion in cybersecurity solutions in 2023, representing a 12% increase from the previous year. 

This figure is increasing to USD 200 billion in 2024 as a result of the necessity for effective safeguards against more sophisticated cyberattacks. The number of connected devices were surpass 30 billion in 2023 as the IoT market continues to grow. This represents an increase from the 26 billion reported in 2022. The number of IoT devices will surpass 35 billion by 2024, driven by investments in digital infrastructure and advancements in 5G technology. The deployment of 5G networks has been expedited, with a global total of more than 1 billion 5G connections in 2023. As additional countries and regions improve their 5G infrastructure, this figure will surpass 1.5 billion by 2024. The implementation of 5G will substantially enhance the efficacy and capabilities of connected devices.

Top Countries Contributing in Computing and Technology Market

United States (2024 Market Size: USD 1.9 trillion)

Despite a 6% increase from 2022, the United States maintained its leadership in the computing and technology market in 2023, with an IT market size of USD 1.8 trillion. The US Computing and Technology market size is USD 1.9 trillion in 2024. Healthcare, finance, retail, and manufacturing are among the primary markets in the United States that employ computing and technology systems. The healthcare market, for example, allocated nearly 20% of its IT expenditures to electronic health records (EHR) and telehealth technologies. Apple, Google, and Microsoft are the driving forces behind the United States. The US Computing and Technology market holds 32% of the global market. About USD 70 billion was spent by U.S. enterprises on cybersecurity in 2023, and USD 80 billion in 2024. The semiconductor industry, which is essential for computing hardware, experienced substantial growth in 2023, with a market size of USD 250 billion and USD 270 billion by 2024. In addition, the nation is a leader in AI innovation, with AI-related revenues surpassing USD 60 billion in 2023 and will increase to USD 70 billion in 2024. In 2023, the cloud computing market in the United States was valued at more than USD 150 billion and will reach to USD 170 billion in 2024. This growth is attributed to the widespread adoption of cloud computing across a variety of industries.

China (2024 Market Size: USD 1.35 trillion)

According to cognitive market research, The market size of China's computing and technology market was USD 1.2 trillion in 2023, and will be USD 1.35 trillion in 2024. Key sectors that are contributing to this expansion include telecommunications, e-commerce, and manufacturing. Leveraging advancements in automation and AI, the manufacturing market is a substantial consumer, accounting for nearly 25% of the tech expenditure. Major players such as Huawei, Alibaba, and Tencent are fueling innovation and market penetration, with China currently holding 25% of the global market share. In 2023, China's cybersecurity expenditures were estimated to USD 40 billion and will increase to USD 50 billion in 2024. China's semiconductor industry is expanding rapidly, with a value of USD 180 billion in 2023 and USD 200 billion in 2024. This growth is fueled by both domestic consumption and exports. The Chinese AI market will reach USD 50 billion by 2024, with a concentration on applications in autonomous driving and smart cities. In 2023, the market was valued at USD 40 billion. The market value of cloud computing in China increased significantly in 2023, reaching USD 90 billion, and will reach USD 110 billion in 2024 as more businesses implement digital transformation strategies.

Japan (2024 Market Size USD 630 billion)

The Japan computing and technology market share is 7% of the total revenue generated and its market size was USD 600 billion in 2023, and will be USD 630 billion in 2024. Automotive, robotics, and consumer electronics are among the industries that employ technology systems in significant quantities. The automotive market, in particular, is a substantial contributor, investing significantly in AI and IoT for autonomous driving technologies, which accounts for 30% of the tech spending. Companies such as Sony, Panasonic, and Toyota are at the forefront of innovation. Japan's cybersecurity expenditures were USD 20 billion in 2023, and will be USD 25 billion by 2024. In 2023, the semiconductor industry, which is indispensable to Japan's technology market, was assessed at USD 80 billion and increase to USD 85 billion by 2024. In 2023, AI technologies generated USD 20 billion in revenues, which will increase to USD 25 billion by 2024. These technologies have significant applications in healthcare and robotics. The Japan cloud computing market size was USD 40 billion in 2023 and USD 45 billion in 2024 as a result of the growing adoption of cloud computing in the business and government sectors.

Germany (2024 Market Size: USD 425 billion)

As per cognitive market research, the Germany's computing and technology market size was USD 400 billion. In 2024, the market size is USD 425 billion. Automotive, industrial manufacturing, and logistics are among the sectors that employ technology systems. About 35% of the technology expenditure is attributed to the automotive market, which is investing in advanced manufacturing technologies and AI. Siemens, SAP, and Bosch are among the corporations that contribute significantly to Germany's 6% global market share. In 2023, Germany's cybersecurity expenditures were USD 15 billion and USD 18 billion in 2024. In 2023, the semiconductor market in Germany was valued at USD 70 billion, with an increase to USD 75 billion in 2024. The revenues of AI and machine learning technologies were USD 15 billion in 2023 and USD 18 billion in 2024, with a particular emphasis on industrial applications. The digital transformation initiatives in various industries are expected to fuel the growth of the cloud computing market in Germany, which was valued at USD 30 billion in 2023 and USD 35 billion by 2024.

South Korea (2024 Market Size: USD 375 billion)

The South Korea's computing and technology market size was USD 350 billion in 2023 and will be USD 375 billion in 2024. Electronics, automotive, and telecommunications are among the industries that extensively employ technology systems. Around 40% of the technology expenditure is attributed to the electronics market, which is home to industry leaders such as Samsung and LG.South Korea holds a 5% of the global market share. South Korea's cybersecurity expenditures were USD 10 billion in 2023 and USD 12 billion in 2024. The semiconductor industry, which is a critical component of South Korea's economy, was valued at USD 120 billion in 2023 and USD 130 billion in 2024. AI-related revenues were USD 10 billion in 2023 and will increase to USD 12 billion in 2024. These revenues are driven by the significant applications of AI in consumer electronics and smart home technologies. In 2023, the cloud computing market in South Korea was valued at USD 25 billion and USD 30 billion in 2024 as a result of the growing popularity of cloud computing in both the private and public sectors.

India (2024 Market Size: USD 325 billion)

According to cognitive market research, The India's computing and technology market share is 4% of the total revenue generated and its market size was USD 300 billion, representing an 8% increase from the previous year. In 2024, the India's computing and technology market size is USD 325 billion. IT services, telecommunications, and e-commerce are among the most significant sectors that employ technology systems. Around 50% of the technology expenditure is attributed to the IT services market, which is dominated by companies such as TCS, Infosys, and Wipro. In 2023, India's cybersecurity expenditures were USD 8 billion, and USD 10 billion in 2024. While India's semiconductor industry is less than that of other major nations, it was valued at USD 15 billion in 2023 and USD 18 billion in 2024. Revenues of USD 8 billion were generated by AI and machine learning technologies in 2023, and they are increase to USD 10 billion in 2024. These technologies have extensive applications in e-commerce and IT services. The digital transformation initiatives across various markets are expected to fuel the growth of the cloud computing market in India, which was valued at USD 20 billion in 2023 and USD 25 billion in 2024.

United Kingdom (2024 Market Size: USD 295 billion)

In 2023, the computing and technology market in the United Kingdom was valued at USD 280 billion, representing a 5% increase from the previous year. In 2024, the UK computing and technology market size is USD 295 billion. Finance, healthcare, and retail are among the markets that employ technology systems the most. Around 30% of the technology spending is attributed to the finance sector, which is significantly investing in fintech and cybersecurity. ARM Holdings and Sage Group are among the companies that contribute significantly to the UK's 3% global market share. In 2023, the United Kingdom allocated USD 12 billion to cybersecurity expenditures, with an increase to USD 14 billion in 2024. In 2023, the United Kingdom semiconductor market size was USD 10 billion and USD 12 billion in 2024. In 2023, AI technologies generated revenues of USD 7 billion and USD 9 billion by 2024. These technologies have significant applications in finance and healthcare. The UK cloud computing market size was USD 25 billion in 2023 and USD 30 billion in 2024 as a result of the growing adoption of cloud computing in a variety of industries.

France (2024 Market size: USD 275 billion)

According to cognitive market research, In 2023, the France computing and technology market size was USD 260 billion, representing a 5% increase from the previous year. In 2024, the market size is USD 275 billion. The aerospace, automotive, and finance industries are among the prominent sectors that employ technology systems. The aerospace market, which capitalizes on advancements in AI and IoT, accounts for 25% of the technology expenditures. Dassault Systèmes and Thales Group are among the companies that contribute significantly to France's 3% global market share. In 2023, France's cybersecurity expenditures were USD 10 billion, and USD 12 billion in 2024. In 2023, the semiconductor market in France was valued at USD 8 billion, with an increase to USD 10 billion in 2024. In 2023, AI technologies generated USD 6 billion in revenues, which is increase to USD 8 billion in 2024. These technologies have found significant applications in the aerospace and automotive industries. The digital transformation initiatives across various markets are expected to fuel the growth of the cloud computing market in France, which was valued at USD 20 billion in 2023 and USD 25 billion in 2024.

Canada (2024 Market Size: USD 215 billion)

In 2023, the computing and technology market in Canada was valued at USD 200 billion. In 2024, the market size is USD 215 billion. Finance, natural resources, and telecommunications are among the most significant sectors that employ technology systems. Around 30% of the technology expenditure is attributed to the finance market, which is characterized by substantial investments in cybersecurity and fintech. Companies such as Shopify and OpenText contribute significantly to Canada's 2.5% global market share. Around USD 7 billion was allocated to cybersecurity expenditures in Canada in 2023, with an increase to USD 9 billion in 2024. In 2023, the Canada semiconductor market size was USD 5 billion and USD 6 billion in 2024. Revenues of USD 5 billion were generated by AI and machine learning technologies in 2023, and they are increase to USD 7 billion in 2024. These technologies have been applied extensively in the fields of finance and healthcare. In 2023, the Canadian cloud computing market was valued at USD 15 billion and USD 18 billion in 2024, propelled by government initiatives and the increasing adoption of cloud computing in a variety of industries.

Israel (2024 Market Size: USD 165 billion)

According to cognitive market research, the Israel computing and technology market size was USD 150 billion and USD 165 billion in 2024. Cybersecurity, defense, and fintech are among the most significant sectors that employ technology systems. Israel is a global leader in cybersecurity innovation, and the cybersecurity market, in particular, is a significant contributor, accounting for 35% of the tech expenditure. With significant contributions from corporations such as CyberArk and Check Point Software Technologies, Israel maintains 2% of the global market share. In 2023, Israel's cybersecurity expenditures were USD 6 billion, and USD 7 billion in 2024. In 2023, the semiconductor industry in Israel was valued at USD 4 billion, with an increase to USD 5 billion in 2024. In 2023, AI technologies generated revenues of USD 4 billion, which are increase to USD 5 billion by 2024. These technologies have significant applications in cybersecurity and defense. The Isreal cloud computing market size was USD 10 billion in 2023 and USD 12 billion in 2024, primarily due to robust startup activity and increased adoption in various markets.

PESTEL Analysis of Computing and Technology Market

Political

The satellite communication market is significantly impacted by political factors, which influence defense strategies, international collaborations, and regulations. The strategic significance of satellite communications for national security, surveillance, and emergency response is acknowledged by governments worldwide. As a result, regulatory frameworks and policies are implemented to regulate the operation, launch, and utilization of satellites. For example, the European Space Agency (ESA) in Europe and the Federal Communications Commission (FCC) in the United States are essential regulatory bodies. The peaceful and cooperative conduct of space activities is guaranteed by international agreements and treaties, including the Outer Space Treaty and the International Telecommunication Union (ITU) regulations. As evidenced by the substantial investments in space programs in countries such as the United States, China, and Russia, political stability and government support are essential for the market's expansion. In contrast, satellite operations and collaborations may be affected by restrictions and sanctions resulting from geopolitical tensions. For instance, the trade tensions between the United States and China have resulted in more stringent export controls and restricted technological exchanges. Furthermore, the funding and development of military satellite communication systems are directly influenced by political decisions regarding defense budgets and priorities. 

Economical

The satellite communication market is substantially influenced by economic factors, which drive technological advancements, investment, and demand. The global satellite communications market size was USD 75.1 in 2023, and will be USD 78.7 billion by 2024. This market expansion is driven by the growing demand for high-speed internet and econ USD billion was omic development, particularly in remote and underserved regions. In the development of satellite infrastructure, the launch of satellites, and the maintenance of ground stations, government and private sector investments are essential. For instance, SpaceX and OneWeb have allocated billions to the development of satellite constellations in order to offer global broadband services. Furthermore, the cost of satellite launches has decreased as a result of advancements in reusable rocket technology, rendering satellite deployment more economically viable. Their economic stability also influences the capacity of nations to invest in satellite communication initiatives. Countries primarily lead the development and deployment of satellite technology with robust industries, including the United States, China, and members of the European Union. Additionally, economic policies, such as tax incentives and subsidies, can foster innovation and private sector involvement in the satellite industry. Conversely, recessions or economic downturns may result in diminished investments and a reduction in the market's growth. The economic health of the satellite communication market is significantly influenced by broader economic conditions, which in turn affect its capacity for innovation and expansion.

Social

The increasing demand for connectivity, digital inclusion, and societal dependence on communication technologies are the primary social factors in the satellite communication market. Satellite communication is essential in today's interconnected world, as it enables remote and underserved regions to access the internet to bridge the digital divide. This connectivity improves economic, healthcare, and educational opportunities for communities that lack terrestrial communication infrastructure. It is also important to note the growing prevalence of satellite communication in disaster management and emergency response, as satellites offer real-time data and communication channels during humanitarian crises and natural disasters. The demand for high-speed, reliable internet is driven by social trends, including the increasing prevalence of online streaming services, e-learning, and telecommuting. Satellites are capable of providing this service. Furthermore, the increasing awareness and concern for environmental sustainability have resulted in the advancement of satellite technologies and practices that are more environmentally favorable. Satellites are essential for the monitoring of climate change, the monitoring of natural resources, and the support of sustainable development objectives. Satellite communication has a social impact that extends to the improvement of global security by enhancing surveillance and defense capabilities. 

Technological

Innovation and the expansion of capabilities are driven by technological factors, which are the foundation of the satellite communication market. The industry has been transformed by the advancement of low Earth orbit (LEO) constellations and high-throughput satellites (HTS), which have enabled the reduction of latency and the acceleration of data transfer rates. The deployment of LEO satellites is being spearheaded by companies such as OneWeb and SpaceX, which are pursuing the development of global broadband networks through their Starlink initiative. These developments render satellite internet more competitive with conventional terrestrial broadband services. Another substantial trend is the integration of 5G technology with satellite communication, which improves mobile connectivity and broadens the penetration of high-speed internet. Costs are reduced, and efficiency is enhanced through technological advancements in satellite manufacturing, including modular design and miniaturization. The cost of satellite deployment is further reduced by the use of reusable launch vehicles, which have been pioneered by companies such as SpaceX, thereby increasing the accessibility of space. Furthermore, satellite operations are being enhanced by the application of artificial intelligence (AI) and machine learning (ML) advancements, which enhance autonomous satellite control, predictive maintenance, and data analysis. These innovations are further enhanced by the development of advanced ground infrastructure, which includes more efficient antennas and ground stations, thereby assuring seamless communication between satellites and end-users. 

Environmental

The environmental factors in the satellite communication market pertain to the function of satellites in environmental monitoring, as well as the impact of satellite operations on Earth and space. The increasing frequency of satellite launches, particularly the proliferation of small satellites and large constellations, has resulted in apprehensions regarding orbital congestion and space debris. The sustainability of space activities and the management of space traffic are critical challenges. These issues are intended to be addressed by international guidelines and initiatives, such as the Space Debris Mitigation Guidelines by the United Nations, which promote best practices for satellite design, launch, and end-of-life disposal. The environmental impact of satellite manufacturing and launch activities, which includes emissions from rocket launches, is currently being examined on Earth. To reduce their environmental impact, companies are investigating more sustainable alternatives, including fuels that are more environmentally benign and reusable rockets. In contrast, satellites are essential for the monitoring of environmental changes, the support of climate research, and the administration of disasters. The development of sustainable policies and practices is facilitated by the valuable data provided by earth observation satellites on deforestation, pollution, and natural disasters. The satellite communication market's environmental dimension is, therefore, dual, encompassing both the management of its impact on Earth and space, as well as its contributions to environmental protection and sustainability.

Legal

Legal factors significantly influence the operating environment for the computing and technology market. Data privacy, intellectual property rights, cybersecurity, and competition are all influenced by laws, regulations, and legal challenges. Data privacy regulations, including the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States, impose rigorous requirements on the collection, storage, and utilization of personal data by companies. Companies operating in these jurisdictions are required to comply with these regulations, which has an impact on their business practices and data handling procedures. Reputational harm and substantial penalties may be the consequence of noncompliance. In the technology market, where technological advancements and innovation are the driving forces behind competitive advantage, intellectual property (IP) rights are indispensable. Patents, copyrights, and trademarks safeguard the software, brands, and inventions of companies. IP infringement, licensing agreements, and patent trolls are frequently the subject of legal disputes, necessitating that companies navigate intricate legal frameworks in order to safeguard their intellectual assets and innovations. Another area of legal scrutiny for technology companies is antitrust and competition laws. Market dominance, anti-competitive practices, and mergers that could stifle competition are monitored by regulatory bodies worldwide, including the European Commission and the US Federal Trade Commission (FTC). Regulatory interventions and penalties have been the result of high-profile cases, such as those involving Apple and Google, which have raised concerns about monopolistic behavior and unfair business practices.

Key Players of Computing and Technology Market

Apple

Apple reported revenues of USD 400 billion in 2023, Continuing growth in 2024, with revenues USD 420 billion. The iPhone, iPad, Mac, and services such as the App Store, Apple Music, and iCloud comprise a substantial portion of Apple's revenue. Apple allocated USD 30 billion to research and development in 2023, with an emphasis on the development of hardware, software, and emergent technologies, including artificial intelligence (AI) and augmented reality (AR). Apple's dedication to innovation is underscored by its projected increase in R&D expenditures to USD 32 billion in 2024. Consumer Electronics, Software and Services, and Wearables comprise Apple's principal business segments. The Mac and iPad product lines, as well as the swiftly expanding services segment, which encompasses cloud computing and digital content, are the primary focus of the computing and technology market. Apple's ecosystem of products and services, which seamlessly integrate, is the driving force behind its substantial market share in the global computing and technology market. The company's dominance in consumer electronics and computing solutions is evident in its 15% global market share.

Microsoft

In 2023, Microsoft's revenues increased by 8% from the previous year, reaching an USD 220 billion. In 2024, the company is generating USD 240 billion in revenue, which will be primarily propelled by the expansion of its cloud computing and software segments. In 2023, Microsoft allocated USD 25 billion to research and development, with an emphasis on cloud computing, artificial intelligence, and quantum computing. in 2024, R&D expenditure will rise to USD 27 billion, underscoring the company's strategic initiatives in next-generation technologies. Microsoft's primary business segments are Productivity and Business Processes (Office, LinkedIn), Intelligent Cloud (Azure, Windows Server), and More Personal Computing (Windows, Xbox, Surface). The Intelligent Cloud segment is the primary representation of the computing and technology market, with Azure serving as a substantial growth driver. In the cloud computing market, Microsoft has established itself as a dominant participant due to Azure's exceptional performance. Microsoft's exhaustive suite of cloud services and enterprise solutions has propelled the company to an 12% global market share in the computing and technology market.

Amazon

In 2023, Amazon reported revenues of USD 510 billion, a 9% increase from the previous year. The growth in e-commerce and cloud computing will drive revenues to USD 550 billion in 2024. In 2023, Amazon allocated USD 60 billion to research and development, with an emphasis on logistics, artificial intelligence, and cloud services. In 2024 R&D expenditures will increase to USD 65 billion in 2024, which is indicative of its ongoing dedication to technological advancement and innovation. Amazon.com, Amazon Web Services (AWS), and Prime are the three primary commercial segments of Amazon. AWS is the primary provider of cloud computing, storage, and AI services in the computing and technology market. AWS is a critical growth driver for Amazon, substantially enhancing its profitability and market presence. AWS's dominant position in the cloud computing market is a significant factor in 10% share of Amazon in the global computing and technology market.

Alphabet (Google)

In 2023, Alphabet, the parent company of Google, reported revenues of USD 300 billion, which represents an 8% increase from the previous year, will generate USD 320 billion in 2024, with growth being driven by AI technologies, cloud services, and digital advertising. In 2023, Alphabet allocated USD 40 billion to research and development, with an emphasis on autonomous vehicles, cloud computing, and artificial intelligence. In 2024, R&D expenditures will increase to USD 45 billion in 2024, underscoring its dedication to innovative technology. Alphabet's principal business segments are Google Services (Search, YouTube, Google Play), Google Cloud (GCP), and Other Bets (Waymo, Verily). Google Cloud Platform (GCP) is the primary representative of the computing and technology market, providing cloud computing, storage, and machine learning services. Alphabet has consolidated its position in the cloud computing market as a result of GCP's robust growth. Driven by its innovative solutions and diversified portfolio, Alphabet hold 8% of the global market share in the computing and technology market.

Meta Platforms (Facebook)

In 2023, Meta Platforms, which was previously known as Facebook, reported revenues of USD 150 billion, representing a 6% increase from the previous year. Growth in digital advertising and the metaverse is driving revenues to USD 160 billion in 2024. In 2023, Meta allocated USD 25 billion to research and development (R&D), with an emphasis on artificial intelligence (AI), augmented reality (AR), and virtual reality (VR). Emphasizing its dedication to the advancement of innovative solutions and immersive technologies R&D expenditures will increase to USD 28 billion in 2024. Reality Labs (VR/AR) and Family of Apps (Facebook, Instagram, WhatsApp) comprise Meta's principal business segments. Reality Labs is the primary entity representing the computing and technology market, with a concentration on the development of VR and AR technologies for the metaverse. Meta is driven by its pioneering efforts in social networking and immersive experiences, which have resulted in 6% of the global market share in the computing and technology market.

Recent developments in Computing and Technology Market

Conclusion

Due to quick innovations and widespread adoption, the computer and technology market has grown at an astounding rate in the last few years. The computing and technology market size was USD 4.5 trillion in 2023. In 2024 the market size is USD 4.7 trillion and will be USD 14.88 trillion in 2031, with a compound annual growth rate of 15.50%. Cloud computing, AI, and cybersecurity are three important sectors that are driving this expansion. One example is the cloud computing market, which played an important part in digital transformation and company operations; the cloud computing market size was USD 500 billion in 2023 and USD 600 billion in 2024.

Also, artificial intelligence has been quite popular; by 2024, the industry's revenue will have increased from USD 180 billion in 2023 to USD 220 billion. Innovations in autonomous systems, machine learning, and NLP are major forces behind this upsurge. As companies work to defend themselves from ever-evolving cyber threats, spending on cybersecurity will reach USD 160 billion in 2023 and USD 180 billion in 2024. In 2023, the semiconductor industry's market size was USD 600 billion, and USD 650 billion in 2024, further demonstrating the market's expansion. Semiconductors are essential to the operation of modern electronics, including smartphones and high-powered computers. Therefore, their continued development is of the utmost importance. Investments in technology are also skyrocketing due to digital transformation initiatives in industries like healthcare, banking, and manufacturing.