China overtook Japan in IT spending to become the world’s second largest IT market, according to market research firm IDC. In 2013, China’s IT spending will total US$179 billion, beating Japan’s US$173 billion by US$5 billion. China’s IT spending is increasing by double digits, and technology industry investment is a high priority there.
According an analysis by IDC, China’s IT spending increased by 8.3% in 2013, nearly double that of the U.S., and is forecast to further grow by 14.1% in 2014. IDC also reports that China’s overall IT spending is projected to hit US$204 billion in 2014, IT spending grew 4.7% in 2013, and is forecast to rise by 3.8% next year. China’s IT spending will increase by US$25 billion in 2014, the same dollar increase as in the U.S. China’s rate of spending says “that China is the place you have to be if you are in the IT market,” according to IDC.
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