Fast Facts: Which Industries Lead $1 Trillion Mobility Market?
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The mobility market has experience unprecedented growth in the last decade, and while spending may cool off slightly in the coming years, its value will remain well above the trillion-dollar mark for the foreseeable future.
According to new research by IDC, the mobility market value grew year-over-year between 2016 and 2017 by 4.3%, up to $1.58 trillion. That CAGR will actually slow between now and 2021, but still see growth of tens of millions of dollars, reaching a forecasted figure of $1.72 trillion in less than half a decade.
So what’s driving that growth?
More than 70% of spending will come from the consumer market, of course, but IDC says the consumer side will actually have the slowest growth, with just a 1.3% CAGR. On the other side, business spending on mobility in professional services will see a 7.5% CAGR, and another 7% CAGR in the telecommunications industry.
“A highly mobile, on-the-go workforce is a key driver of mobility in both the professional services and construction industries,” said Jessica Goepfert, program director, Customer Insights and Analysis in a statement. “User expectations are high within professional services, as they depend on mobile solutions to enable and create exceptional and memorable client interactions and experiences. In construction, which is typically slow to change, we are seeing mobility implementations with the goal of streamlining project administration. 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.”
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