A new report from IDC, an IT research firm, forecast that businesses will spend $2.7 trillion on information technology by 2020, according to Fortune.
In 2016, IT spending is expected to reach $2.4 trillion, the source noted.
While sectors like consumer products have typically been most responsible for IT spending, the report showed that the manufacturing, financial services and healthcare sectors will have a larger role in the predicted growth.
Healthcare in particular will show strong IT investment, with IDC finding that it would continue to the fastest growing industry in terms of tech spending, and will have a compound annual growth rate of 5.7 percent, according to Information Week.
“In the US, the greatest near-term growth is expected among healthcare providers, professional services firms, banks and securities and investment services organizations,” said Jessica Goepfert, program director of customer insights and analysis at IDC, in a statement.
Fueling the increased spending is greater investment in mobile, big data and cloud-based technologies, across industries.
IDC also noted that large companies – those with more than 1,000 employees – will be responsible for nearly half of global IT spend in 2020, the source reported.