IDC: Line of business tech spending to hit $330.4 billion

If you're wondering why tech vendors salivate over line of business executives---chief marketing officers, human resources heads, chief digital officers etc.---like a geek fantasizing over a supermodel all you need to do is follow the money.

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IDC is forecasting that business technology spending will grow from $236.6 billion in 2012 to $330.7 billion by 2017. That growth equates to a 6.9 percent five year compound annual growth rate. Enterprise IT spending will grow at a 1.9 percent five year compound annual growth rate.

Among other key points:

• Business funded technology will account for 55 percent of the total IT spend in 2014.
• Industry specific spending---think applications for oil and gas or media---will account for 45 percent of the total business funded technology in 2014.
• Enterprise IT spending---controlled mostly by the chief information officer---will trail business funded spend consistently.
• Marketing tech spending will have a five year compound annual growth rate of 9.5 percent to hit $26 billion in 2017.
• Retailers will be the industry to spend the most on marketing.

IDC's report looked at tech spending by business functions such as accounting and finance, customer service, engineering, architecture and research, human resources, industry specific operations, IT, legal, marketing, other horizontal operations, sales, security and risk and supply chain management.