2015 Retail IT Spending Predicted to Surpass $190 Billion
By Christine Kern, contributing writer
IHL Report Foresees Unprecedented IT Growth for 2015
The retail and hospitality market is entering a time of unprecedented IT growth for 2015, with overall spending expected to increase 5 percent over 2014 and surpass $190 billion worldwide, according to a new report by IHL, a global research and advisory firm specializing in technologies for the retail and hospitality industries.
IHL’s “WorldView IT Spend Forecast” predicts that for the first time in several years, IT growth will be greater in North America than even in emerging BRIC countries, increasing over $5 billion in new spending in 2015 over 2014 levels.
The report predicts overall IT spending growth of 5.7 percent in North America, driven by huge investments retailers in payment systems, data security, Omni channel integration and mobile proliferation and engagement. Spending around payment systems in North America (encryption, tokenization and EMV) alone should surpass $4.5 billion for the year as retailers rush to meet the deadlines in place for EMV introduction to the U.S. market.
Compiled from a host of public and proprietary resources and surveys, the report features forecasts on over 300 categories of hardware, software, SaaS, services, and labor/overhead, as well as forecasts and growth rate for cloud solutions as well as sizing for mobile, EMV, Omni channel, big data tools and traditional retail technology components. Each includes a three year forecast as well as the current year.
Currently the model is designed with 4 market regions: North America, Latin/South America, Europe/Middle East/Africa, and Asia/Pacific. The entire model or just certain regions and/or segments are available for purchase.
All of IHL Group's generally available research subscriptions are electronic licenses and can be shared freely within the purchasing organization and wholly owned subsidiaries. This information should not be shared with partners or others outside the purchasing company without authorization from IHL Group.
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