BUSINESS IT investment in China's manufacturing industry to reach 19 bln USD by 2023

BUSINESS

IT investment in China's manufacturing industry to reach 19 bln USD by 2023

Xinhua

16:44, July 20, 2019

BEIJING, July 20 (Xinhua) -- China's IT investment in the manufacturing industry is expected to approach $18.55 billion by 2023, according to a report published by the International Data Corporation (IDC).

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File photo: VCG

The chemical engineering, consumer goods and automobile sectors, which ranked top three in terms of manufacturing IT expenditure in 2018, will remain on top of the list come 2023, the IDC report said.

Investment in manufacturing IT applications including software and services related to IT applications, is forecast to attract an investment of $6.62 billion by 2023.

The prioritized fields, including enterprise resource planning (ERP), product lifecycle management (PLM) and customer relationship management (CRM) will become the focuses of manufacturing IT applications spending, accounting for 33.9 percent, 13.8 percent and 12.8 percent, respectively.

In 2019, the priority of China's manufacturing industry is to promote high-quality development. Smart manufacturing, industrial internet and 5G will bring new opportunities to the market of manufacturing IT applications, said Zhang Lanying with IDC China.

The IDC, founded in 1964, is a global provider of market intelligence, advisory services, and events in information technology, telecommunications and consumer technology markets. 

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