The raging conflict in Eastern Europe has taken a hit on the global ICT market, and the effects of the Russia-Ukraine war will linger for years to come. According to IDC the conflict will generate a loss of worldwide ICT spending worth $5.5 billion in 2022.

Despite a slowing global economy and the looming trade war between the United States and China, purchases of information and communications technology (ICT) are expected to maintain steady growth over the next five years. A new forecast from International Data Corporation (IDC) predicts worldwide ICT spending on hardware, software, services, and telecommunications will achieve a compound annual growth rate (CAGR) of 3.8% over the 2019-2023 forecast period, reaching $4.8 trillion in 2023.

Information and communications technology (ICT) spending by service providers will reach $426 billion by 2022, representing average growth of 6 percent per year, as the ongoing shift from on-premise IT management to the "as-a-service" model continues to gather pace in many regions around the world, IDC finds.

The rise of smart cities will accelerate the adoption and growth opportunities of demand response (DR) solutions in the residential segment, according to new research from Frost & Sullivan.