IT and telecom markets set to hit $602b by 2020: analysts
China's information technology and telecommunication industry is set to have turnover of $602 billion by 2020 thanks to the positive economic outlook and growing domestic demand, industry consultancy IDC said on Tuesday.
Individuals and families will spend 6 trillion yuan ($980 billion) on IT services and products from 2013 to 2020, making them the biggest spending group, according to IDC.
Traditional services sectors, including banking, telecom, education and medical, are poised to spend 3 trillion yuan to beef up IT infrastructure during the same period.
"China's ongoing economic reform will boost the development of the IT sector," said IDC.
"Because the nation is actively seeking growth driven by new technologies and industry upgrades, software services will play an increasingly important role in China's economic growth," it said.
Traditional services sectors, including banking, telecom, education and medical, are poised to spend 3 trillion yuan to beef up IT infrastructure during the same period.
"China's ongoing economic reform will boost the development of the IT sector," said IDC.
"Because the nation is actively seeking growth driven by new technologies and industry upgrades, software services will play an increasingly important role in China's economic growth," it said.
