Spending on mobility solutions is forecast to reach $1.72 trillion in 2021, according to IDC.
Mobility spending will grow at 4.3 percent to $1.58 trillion in 2017.
IDC expects spending on mobility-related hardware, software, and services to achieve a CAGR of 2.7 percent over the 2016-2021 forecast period.
United States will account for nearly one quarter of mobility spending at nearly $392 billion in 2021.
Mainland China will be the second largest country in terms of overall spending ($337 billion in 2021), followed by Japan, Brazil, and the UK.
Venezuela (8.2 percent CAGR), India (8 percent CAGR), Philippines (7 percent CAGR) and Peru (6.7 percent CAGR) will see the fastest growth in mobility spending over the five-year forecast period.
IDC said Australia, Israel, Saudi Arabia, and Taiwan will experience a slight decline in mobility spending.
Consumers will provide more than 70 percent of total mobility spending for all but the last year of the forecast. Most of this spending will go toward mobile connectivity services and smartphones. The consumer sector will experience the slowest growth with a five-year CAGR of 1.3 percent.
Banking will be spending $55.1 billion for mobility, while professional services will be spending $54.9 billion on mobility in 2021.
Discrete manufacturing will be spending $49.7 billion, while retail will be spending $45.7 billion on mobility.
The industries with the fastest growth in mobility spending will be professional services (7.5 percent CAGR), construction (7.1 percent CAGR), and telecommunications (7.0 percent CAGR). Four other industries (federal/central government, healthcare, retail, and security and investment services) will also outpace the overall market, each with a 6.9 percent CAGR.
“In every industry, mobility can provide an advantage over slower-moving competitors by helping firms to complete jobs faster, more efficiently, and with fewer errors,” said Jessica Goepfert, program director, Customer Insights and Analysis at IDC.
Mobility services will account for roughly 60 percent of mobility spending. Mobile connectivity will be the largest spending segment at $950 billion in 2021.
Enterprise mobile services will be one of the fastest growing segments with a 15.3 percent CAGR. Hardware will be the second largest technology category, led by smartphone purchases.
Software — enterprise mobility management, mobile application development platforms, mobile enterprise applications, and mobile enterprise security — will experience double-digit growth.
“Successful mobilization strategies demand thoughtful integration to broad digitalization strategies and technologies,” said Denise Lund, research director, Enterprise Mobility at IDC.
