China, India, the Middle East, Eastern Europe and Brazil have been identified as the top five growth regions in the IT industry. In China, strong economic growth has significantly increased the revenues of many sectors such as banking and financial services. Consequently, these sectors are investing in advanced IT solutions to match the service level of developed countries. Similarly, India is considered to be another high growth emerging market for the IT industry.

As expressed by 54%, 46%, 44% and 37% of buyer respondents, the leading actions for suppliers to secure buyer business is ‘product innovation’, ‘improving customer service’, ‘partnerships for optimizing working capital’ and ‘demonstrating better ROI’.  Due to the high competition in the technology industry, buyers have been forced to innovate products in order to stand out from their competitors.

The average size of the global annual procurement budgets among European IT industry buyer respondents is estimated at US$143.1 million for 2011.  The average procurement budgets have increased steadily between 2009 and 2011.  Companies at present are looking to invest in R&D for developing advanced technology solutions such as virtualization and wireless solutions as an effective strategy in an increasingly competitive industry.

 

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