The worldwide IT markets are forecasted to reach a value of over USD 1.0 trillion in 2007. The South African IT market in turn, is expected to reach 61.2 billion in 2006, with a 7.7% CAGR from 2002 to 2007.

In South Africa top three vertical markets in 2002 indicating the highest spend on software were finance, manufacturing and distribution.

Finance, Banking & Insurance
Banking, insurance and financial markets accounted for the largest portion of IT spend in South Africa. In 2002 banking segment was R9.1 billion followed by insurance with R3.08 billion. It will see an increase at CAGR of 9.9% by 2006/07.

The factors that may slow down spending in industry are, exchange rates, and need to spur organic growth by new investments.