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Cloud Computing Spend Helps Economy

Companies across the U.S. are spending funds in software, aimed to drive productivity and growth, boosting the economy.

Many of these companies are not traditionally associated or considered as advanced tech hubs.

The U.S. enterprise software industry has expanded by 19% in the past three years, or nearly twice as fast as the overall economy, according to the report.

Bhaskar Ghosh, group chief executive of technology services at consulting firm Accenture PLC, said the way companies invest in and use enterprise technology has a direct impact on their ability to boost revenue.

Companies investing strategically in technologies, such as artificial intelligence and cloud computing, are performing “dramatically better than companies that are not.” Research shows that these companies on average are expanding revenue at double the rate of tech laggards, he added, citing the findings of an Accenture report set to be released later this month.

Global IT spending is expected to reach a total of $3.79 trillion by year-end, up 1.1% from 2018, according to enterprise IT research firm Gartner Inc.

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