Consumer Goods Sector Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)
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Consumer Goods Sector Enterprise ICT Market Report Overview
The Consumer Goods Enterprise ICT Vertical Intelligence Report, a new Vertical Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2023 and GlobalData’s Market Opportunity Forecasts to 2027: Consumer Goods. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises operating in Consumer Goods in 2023 compared to 2022 and ICT revenue opportunity with detailed forecasts of key indicators up to 2027. The report provides a detailed analysis of the overall Consumer Goods enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts.
Annual change in Enterprise ICT budget allocation in Consumer Goods Vertical (2021-22 vs. 2022-23)
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The report also discusses the market growth inhibitors impacting consumer goods’ overall ICT market. It sheds focus on enterprise ICT budget allocations and ICT revenue opportunities covering 18 solution areas, segmental analysis, and regional analysis. The report also includes a brief profile of some of the key ICT vendors within the Consumer Goods vertical.
Market Size 2022 | >$126 billion |
CAGR | >7% |
Forecast Period | 2022-2027 |
Enterprise ICT Budget Allocation Analysis Period | 2022-2023 |
ICT Segment | Hardware, Software, Services |
ICT Solution Areas | Cloud Computing, IoT, Communications and Collaboration, Client Computing, Consulting & Integration Services, Networking, Business Process Outsourcing, Application Development and Management, Business Process Applications, IT Management, Security, Storage, Data and Analytics, Servers, Data Center & Hosting, Artificial Intelligence, Mobility, Edge Computing |
Key Regions | Asia Pacific, North America, Western Europe |
Key Digital Transformation Areas | Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing and Others |
Enterprise Technology Priorities and Spending Preferences | Cloud Computing, Internet of Things, Networking, Client Computing, and Consulting & Integration Services |
Companies Mentioned | Google, Microsoft, Apple, Meta Platforms, Adobe |
GlobalData’s ICT customer insight survey reveals a positive outlook for enterprises operating in consumer goods vertical spending in ICT, with over 82% of respondents claiming an increase in their enterprise ICT budget in 2023 compared to 2022. This is about 29.6 percentage points (p.p.) higher for increases in 2022-2023 compared to 2021-2022. This upward trend is paving the way for a promising opportunity for optimistic growth in ICT revenue from the consumer goods vertical. The rise in investment signifies enterprises’ willingness to allocate a budget toward technological advancements.
Consumer Goods’ overall ICT market was pegged at $126.2 billion in 2022 and is expected to grow at a CAGR of over 7% during 2022-2027 to $182.4 billion in 2027. With rising competition in the consumer goods market, companies are expected to increase their ICT spend as digital technologies enable them to remain competitive and relevant in the market by allowing them to quickly develop products and services as per customer needs, lower operational costs, upgrade their technology infrastructure, and enhance security capabilities, among others.
Total ICT Revenue Opportunity in Consumer Goods, 2022-2027 ($Billion)
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Enterprise ICT Revenue Opportunity in Consumer Goods – Segment Analysis
GlobalData’s survey findings suggest that enterprise ICT budget allocations for all ICT products and services areas in consumer goods have increased in 2023 compared to 2022. For â€software,’ over 71% claimed that their ICT budget allocation increased in 2023 compared to 2022.
Annual Change in Distribution of Enterprise ICT Spending in Consumer Goods, By ICT Products/Services in 2023
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According to GlobalData, Consumer Goods’s ICT market would see majority share of its revenue come from the IT services segment over the forecast period. The report also discusses the enterprise ICT revenue opportunity across IT software and IT hardware segments over the forecast period.
- IT Services
- IT Software
- IT Hardware
Total ICT Revenue Opportunity in Consumer Goods by Segment, 2022 (%)
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Enterprise ICT Market Dynamics in Consumer Goods – Drivers, Trends and Challenges
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Enterprise ICT Market by Infrastructure Segments in Consumer Goods – Services, Software, and Hardware
IT Services – Segment Outlook
As per GlobalData’s survey findings, Consumer Goods companies increased their ICT budgets across all ICT services categories in 2023 compared to 2022. More than 59% confirmed an increase in their enterprise ICT budget for all ICT services in 2023 compared to 2022.
Annual Change in Enterprise ICT Services Budget Allocations in Consumer Goods
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Revenue opportunity for ICT services in the Consumer Goods vertical was pegged at $76.8 billion in 2022 and is predicted to grow at a CAGR of over 7% between 2022-2027 to reach $110.7 billion in 2027 on the back of ICT contracts signed by major Consumer Goods companies specifically in the areas of cloud computing, network services, enterprise applications, IT security, and business intelligence tools.
Total ICT Revenue Opportunity in Consumer Goods by ICT services 2022-2027 ($Billion)
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The enterprise ICT vertical intelligence report in Consumer Goods offers ICT revenue market indicators across the following IT services solution areas:
- Cloud computing services
- Networking services
- Consulting & integration services
- Business process outsourcing services
- Application development and management services
- Communication and Collaboration services
- Internet of things (IoT) services
- Client computing services
- Data center and hosting services
- Security services
- Artificial intelligence (AI) services
- Storage services
- Servers services
- Mobility services
- Edge computing services
Enterprise ICT Technology Revenue Opportunity and Spending Priorities in Consumer Goods – Key Solution Areas
Cloud computing is the largest ICT solution area in the consumer goods vertical in terms of revenue opportunity. Revenue opportunity for cloud computing in the consumer goods vertical was pegged at $17.1 billion in 2022. It is estimated to grow at a CAGR of over 10% during 2022-2027. Cloud platforms are more cost-efficient and secure than servers and traditional IT infrastructure, moreover they enable companies to scale-up their operations quickly.
Total ICT Revenue Opportunity in Consumer Goods by Solution Areas, 2022 (%)
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Enterprise Cloud Computing Investment Priority in Consumer Goods – Now vs Next Two Years
Enterprises are increasingly utilizing cloud to make their business operations and processes more efficient. This was validated by GlobalData’s survey, where over 74.5% confirmed that their budget allocation towards cloud services increased in 2023 vs. 2022.
Cloud Computing Technology Investment Priority – Current vs Next Two Years
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Enterprise ICT Technology Revenue Opportunity in Consumer Goods – Key Regions
ICT revenue opportunity in Asia-Pacific was pegged at $56.7 billion in 2022, and it is expected to grow at a CAGR of over 8% during 2022-2027. Increased spending in emerging technologies to deliver innovative banking and investment services is expected to drive the adoption of ICT solutions.
Total ICT Revenue Opportunity in Consumer Goods, by RegionsÂ
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Scope
The Vertical intelligence report provides an in-depth analysis of the following –
- The macroeconomic and regulatory context and government initiatives in consumer goods vertical.
- Enterprise ICT market outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT segments, ICT solution areas, and key regions.
- Enterprise ICT Budget Allocations – 2022 vs 2023: Overview of survey findings regarding changes in the overall enterprise ICT budget allocations in 2023 compared to the previous year and across ICT segments, ICT solution areas, existing vs new IT projects.
- Enterprise ICT growth drivers, market trends and challenges
- IT hardware segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT hardware solution areas and budget allocations by ICT hardware categories.
- IT software segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT software solution areas and budget allocations by ICT software categories.
- IT services segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT services solution areas and budget allocations by ICT services categories.
- Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key solution areas in current vs next two years.
- Company landscape: analysis of the market position of leading ICT providers in the Consumer Goods market.
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
- The survey was conducted in H1 2023 via an online methodology, with respondents all having ICT decision-maker responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2024, to monitor ICT budget changes on an ongoing basis.
Reasons to Buy
- This Vertical Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises in Consumer Goods vertical and GlobalData’s Market Opportunity Forecasts to 2027, to offer a thorough, forward-looking analysis of Consumer Goods’s enterprise ICT investment priorities and ICT revenue opportunity market.
- Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2027, the report examines the assumptions and drivers behind ongoing and upcoming trends in Consumer Goods’s enterprise ICT market.
- The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to the previous year.
- The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions, and product/service categories and how they have changed this year compared to previous years.
- The report also presents an analysis of enterprise ICT revenue opportunities by various solution areas, enterprise size bands, end-use verticals, and segments over the forecast period 2022-2027.
- With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides insights in a concise format to help executives build proactive and profitable growth strategies.
- The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision-makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.
Table of Contents
Frequently asked questions
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How did the overall enterprise ICT budget in consumer goods vertical change in 2023 compared to 2022?
More than 82% of respondents from the consumer goods vertical claimed that there has been an increase in their enterprise ICT budget for 2022-23 compared to 2021-22.
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What was the enterprise ICT revenue market size for consumer goods in 2022?
The enterprise ICT revenue market size for consumer goods was valued at over $126 billion in 2022.
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What is the enterprise ICT revenue market growth rate for consumer goods?
The enterprise ICT revenue in consumer goods is expected to grow at a CAGR of more than 7% during the forecast period 2022-2027.
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What are the key ICT revenue market drivers for consumer goods?
Rising ICT budgets and digital transformation efforts along with Investments and partnerships with tech startups are the key market drivers for consumer goods’ ICT revenue market growth.
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What are the key ICT segments in consumer goods?
IT services, IT software, and IT hardware segments are the key ICT segments in consumer goods.
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What are the key regions for ICT products/services in Consumer Goods?
Asia Pacific, North America, and Western Europe are the key regions for ICT products/services in consumer goods.
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What are the key ICT solution areas with investment priorities in consumer goods?
Cloud computing, the Internet of Things, networking, client computing, and consulting & integration services are the key ICT solution areas in consumer goods.
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Which are the ICT companies mentioned in the enterprise ICT vertical intelligence report for consumer goods?
The companies mentioned in the enterprise ICT vertical intelligence report for consumer goods are Google, Microsoft, Apple, Meta Platforms, and Adobe among others.
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