Franklin, Tenn. -- The retail and hospitality market is entering a time of unprecedented IT growth for 2015, with overall spending expected to increase 5% over 2014 and surpass $190 billion worldwide, according to a new report by IHL, a global research and advisory firm specializing in technologies for the retail and hospitality industries.
IHL’s “WorldView IT Spend Forecast” reveals that for the first time in several years, IT growth will be greater in North America than even in emerging BRIC countries, increasing over $5 billion in new spending in 2015 over 2014 levels.
The report predicts overall IT spending growth of 5.7% in North America, driven by huge investments retailers in payment systems, data security, omnichannel integration and mobile proliferation and engagement. Spending around payment systems in North America (encryption, tokenization and EMV) alone should surpass $4.5 billion for the year as retailers rush to meet the deadlines in place for EMV introduction to the U.S. market.
The report features forecasts on over 300 categories of hardware, software, SaaS, services, and labor/overhead, as well as forecasts and growth rate for cloud solutions as well as sizing for mobile, EMV, omnichannel, big data tools and traditional retail technology components. Each includes a three year forecast as well as the current year.
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