The global 3rd platform market is expected to grow around $1.8 Trillion at 7.5% from (2015-2020), according to Infoholic Research. The 3rd platform is built on a foundation of cloud, mobile, social, and Big Data technologies. The 3rd platform is expected to grow, largely driven by the increased adoption of cloud services and mobile devices across the globe. As Industry is moving towards innovation and enterprises are looking to gain competitive edge, 3rd platform spending across the globe expected to capture major share in the overall ICT spending. The 3rd Platform market will account to one third of global ICT spending in 2015 where as by 2020, it will account to almost 40% of IT spending.
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“The 3rd platform market will evolve around cloud, big data, mobile and social technologies; enterprises will aggressively adopt these technologies to take advantage of BYOD and growing mobile employees worldwide” said Tariq Ahmed Shaik, Manager – Research Operations.
The 3rd platform market is huge and integration of these technologies will create high revenue pockets through emerging markets.
Vendors are trying to keep up with the market by introducing new products, services and solutions and key players in the market are aggressively acquiring small companies to reduce time to market, strengthen current offerings and capitalize new markets.
Essential Take Away:
- The technology segment is expected to reach $1.6 Trillion by 2020 which will account to 90% of overall 3rd platform market.
- The consumerization of technology and adoption of BYOD policies are changing the way organization do business. Revenue from mobile segment will account to 74% of the overall 3rd platform technology market by 2020.
- Retail organizations are engaging more with customers through mobile applications, mobile e-wallets, and mobile POS systems. Retail segment is expected to reach $398.4 billion by 2020, at a CAGR of 7% from 2015 to 2020.
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Ms. Sunanda Ganguli
Infoholic Research LLP