Global Overview of the Information and Communications Industry

November 2023

The briefing examines how the information and communications (ICT) industry is performing globally and in the largest countries in terms of ICT output. The report also provides data for turnover, market size, industry costs, industry profitability and number of companies. The industry and market overview provide benchmarks against other countries in the region.

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This report comes in PPT.

Key Findings

Global growth decelerates

In 2022, the global ICT industry encountered new challenges marked by a slowdown in turnover growth. This deceleration was driven by such factors as worsening global economic conditions, soaring inflation and tightening monetary policies, which subsequently impacted investments in digitalisation and the demand for IT services. Nevertheless, looking ahead, the industry's growth is expected to stabilise as the rapid evolution of the digital landscape persists.

AI takes a central stage

In late 2022, the American artificial intelligence (AI) research facility OpenAI released an early version of ChatGPT, an AI tool that utilises advanced technology to understand and generate text. Since its release, the global ICT industry has taken a new direction, with governments across the globe increasing their funding for AI research and competition in the field intensifying.

Game-changing regulation ahead

AI regulation is emerging in response to the rapid proliferation of artificial intelligence technologies and their potential impact on society. Currently the EU is preparing the world’s first comprehensive AI legislation, which will classify AI systems by risk and instruct various developments and use requirements. However, some European countries, including France worry about the law’s potential impact on the EU’s technological competitiveness.

Looming ICT labour shortages

Labour and skill shortages continue to have a detrimental impact on the ICT industry. The rapid pace of digital transformation increasingly requires professionals with high-tech competencies in areas such as data engineering, cybersecurity, computer science, and more. According to the European Commission, the EU is projected to face a shortage of eight million ICT specialists by 2030.

Key findings
Global ICT industry to revive in 2023, with emerging economies leading the growth
The US remains the global leader in the ICT industry
Elevated hardware, IT services and labour costs pressure the ICT industry
Profits continue to rise as digital transformation accelerates
Key trends
Macroeconomic/Industry trends
China Mobile sustains its leading ranking amid vast consumer base and growing investments
Total number of companies grows , with ICT becoming vital to economic growth
The ICT industry’s concentration remains relatively stable, yet consolidation can be expected
US : Despite sluggish near-term growth, the US to remain the global leader in innovation
Key trends in the US 2023/2024
China : Post-pandemic recovery to spur industry’s growth
Key trends in China 2023/2024
Japan : ICT industry growth to be slow amid economic hurdles
Key trends in Japan 2023/2024
UK : A challenging year ahead with decreasing real terms growth in 2023
Key trends in the UK 2023/2024
Germany : Economic uncertainty spurs caution in technology investments by companies
Key trends in Germany 2023/2024
India : ICT industry to record strong growth supported by considerable digital investments
Key trends in India 2023/2024
France : France to maintain strong position within the EU and globally in ICT development
Key trends in France 2023/2024
Canada : ICT industry growth is forecast to pick up over the medium term
Key trends in Canada 2023/2024
Ireland : Despite slower growth, Ireland to maintain ICT strength
Key trends in Ireland 2023/2024
Nigeria : The ICT industry’s real terms growth in Nigeria among the strongest in 2023
Key trends in Nigeria 2023/2024


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