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According to a new IDC report, the world’s largest companies spent $895 billion on technology in 2014 — with discount retail giant Walmart taking the spending crown.
Bank of America Corp. came in second, followed by Citigroup, AT&T and JPMorgan Chase.
The report breaks IT spending down into five technology categories: hardware, software, IT services, telecom services, and internal IT spend.
On average, these companies allocate about one-third of their technology spending to internal IT and telecommunications staff salaries and benefits.
IDC notes a combination of customer-facing initiatives, enterprise focused projects and third platform technology adoption and advancement as the top spending areas across the list of corporations.
IDC did not include the exact amount Walmart or the other top spenders dished out on IT during 2014. But in general terms, the report indicates that nine out of the top 10 companies wound up increasing their IT spend from 2013 to 2014.
“When it comes to IT innovation, the world’s largest companies are often criticized as being risk averse, sluggish and siloed,” said Jessica Goepfert, program director of IDC’s Global Technology and Industry Research Organization. “However there is no denying that the IT budgets of larger companies are, well, larger.”
Source: Associated Press