2015 Retail IT Spending Predicted to Surpass $190 Billion
IHL Report Foresees Unprecedented IT Growth For 2015
The retail and hospitality IT market is entering a time of unprecedented 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 the introduction of the EMV payment security standard to the U.S. market.
The report also includes hardware, software, services, and labor/overhead for the following line of business categories:
- store systems
- commerce solutions
- enterprise accounting, finance, and HR
- enterprise application development
- enterprise collaboration
- infrastructure
- legal and real estate
- merchandise/supply chain management
- sales and marketing
- business intelligence
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