The global mobile market is expanding with every passing day and this is impacting the business scenario in a major way. A whopping financial growth of almost 2 trillion dollars has been observed in the last ten years. The research firm IDC has recently presented a report that shows global revenues in the mobility industry is going to increase from about $1.5 trillion this year to more than $1.7 trillion by the end of 2020. This massive increase equates a compound annual rate of growth of about 2.2% or nearly $40 billion in the annual revenues.
Estimated growth areas in the coming years
In the next 3 years, increased revenue is going to come from enterprises as well as consumers. The IDC Worldwide Semi-annual Mobility Spending Guide suggests that most of the money is going to be invested on latest hardware devices such as smartphones, tablets and laptops and for services like connectivity. With companies investing significantly in mobile security mobile application development platforms, the software revenues are believed to exhibit a major double digit growth.
Even though most of the estimated revenues are going to come from consumer spending, there will be a number of industries that will make bigger investments in the mobility market by the year 2020. One of such industries that will invest significant financial investments in mobility is the banking sector. It is believed by IDC that the banking sector will make annual investments in mobility that will exceed the $100 billion margin within the next four years.
Healthcare industry to play a major role in mobility market
The healthcare industry is going to experience maximum growth in terms of mobility by the next few years. In fact, IDC believes that healthcare sector is going to generate a 5.1% compound annual growth by the year 2020. This will be closely followed by the telecommunications industry with 4.7%. The professional services and utilities industries are going to see an annual growth rate of 4.1%. The investment and security services industries will also show positive activity, where most mobility projects are likely to focus on developing meaningful and productive ways to communicate with clients.
Larger enterprises are likely to drive greater mobile revenue growth
The companies having manpower of 500 employees or above will present with significant spending power. The larger enterprises are going to invest in target oriented mobile solutions which will focus on increasing employee productivity as well as additional engagement with the partners and customers.
Silicon IT Hub is a leader in innovative software solutions that enable businesses to transform into digital enterprises for the ultimate competitive advantage. We do provide the solution of Web designing / development, Build Mobile Apps (iOS/Android) and Also offering Digital marketing.