In 2023, software and tech hosting/cloud services/MSP companies had a much higher spending share on IT than other industries, amounting to 19 percent and 16 percent of their revenues, respectively. By contrast, the consumer products and services industry invested only around five percent of their revenue in IT. Overall, all industries increased their IT spending per revenue share in 2023 compared to the previous year.
Cloud computing
Cloud computing is an essential IT service that utilizes a network of distant servers hosted over the Internet to store, handle, and process data. This segment of IT services was projected to generate revenues exceeding 670 billion U.S. dollars in 2024 and is expected to continue its rapid growth trajectory. Managed Services Providers (MSPs) provide companies with the expertise and technical support to manage their cloud infrastructure and products without the need for in-house specialists. Cloud computing is segmented into three main categories.
Software as a Service (SaaS) delivers software applications over the Internet, on a subscription basis, freeing companies from software and hardware management. Infrastructure as a Service (IaaS) offers a virtualized computing infrastructure managed over the Internet, allowing businesses to avoid the costs and complexities of purchasing and managing physical servers and data center infrastructure. Platform as a Service (PaaS) provides a platform allowing customers to develop, run, and manage applications without the complexity of building and maintaining the infrastructure.
IT spending as share of company revenue in 2022 and 2023, by industry
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Flexera Software. (November 15, 2023). IT spending as share of company revenue in 2022 and 2023, by industry [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1105798/it-spending-share-revenue-by-industry/
Flexera Software. "IT spending as share of company revenue in 2022 and 2023, by industry." Chart. November 15, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1105798/it-spending-share-revenue-by-industry/
Flexera Software. (2023). IT spending as share of company revenue in 2022 and 2023, by industry. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1105798/it-spending-share-revenue-by-industry/
Flexera Software. "It Spending as Share of Company Revenue in 2022 and 2023, by Industry." Statista, Statista Inc., 15 Nov 2023, https://www.statista.com/statistics/1105798/it-spending-share-revenue-by-industry/
Flexera Software, IT spending as share of company revenue in 2022 and 2023, by industry Statista, https://www.statista.com/statistics/1105798/it-spending-share-revenue-by-industry/ (last visited August 24, 2024)
IT spending as share of company revenue in 2022 and 2023, by industry [Graph], Flexera Software, November 15, 2023. [Online]. Available: https://www.statista.com/statistics/1105798/it-spending-share-revenue-by-industry/