Global IT Spending by Online Service and Application Market 2016-2020

Market overview of IT spending by online service and application

Technavio’s research analyst predicts the global IT spending by online service and application market to grow at a CAGR of around 20% during the forecast period. The increased adoption of in-app payment systems and integration with digital wallets has been driving the growth of this market. In-app payment systems through digital wallets have replaced cash payment systems for cab riders as they allow convenient payment modes for customers. The increase in the user base for mobile applications has significantly changed the payment system for cab aggregators. Money is preloaded in the digital wallets, and the service charge is automatically deducted at the destination point without the need for the two-way authentication process. Uber and Ola are the main cab aggregators providing digital payment facilities to their customers by partnering with third-party service providers. PayPal, Paytm, and PayU are some of the major players that provide payment service through digital wallets for online transactions.

The growing focus on information gathering and information dissemination by organizations is also aiding the market growth. Start-ups and mid-sized companies are now focused on targeting the right segment with IT-enabled marketing tools. Enterprises are now aligning marketing channels with organizational business strategy. Marketing automation software allows companies to generate highly qualified leads that are ready for sales engagement. It provides the framework for companies to target, build, execute, and measure the success of marketing campaigns by identifying buyer-readiness conditions to generate leads. Social-based customer engagement applications also help companies derive business insights as well as prospective demands, benefiting both the company and customers. 

Competitive landscape and key vendors