Worldwide spending on technology products and services is expected to increase 3.5% in 2017 to reach nearly $2.4 trillion, and maintain a similar rate of growth through 2020, according to a new industry report by IDC. Spending is expected to grow at an annual rate of around 3% over the next four years and reach $2.65 trillion by 2020. The growth in IT spending will be led by the banking, investing and insurance industries, as more people manage their finances online and from mobile devices. One surprising drag on the market will be consumer spending on smartphones and PCs. While consumer tech is expected to comprise more than 20% of all technology revenues, spending on those products will be nearly flat through the forecast period. This comes as smartphones makers such as Apple Inc. , Samsung Electronics and Alphabet Inc. have all suffered relatively tepid growth in recent years, as the between upgrade cycles for next-generation devices continues to lengthen. Apple nevertheless topped earnings expectations in its most recent quarter. Its shares have increased 18% in the past three months, outperforming a 7% increase for the S&P 500 .
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