That stat comes from International Data Corp. (IDC), which says the market was a little less than $237 billion in 2012, with a leap to nearly $331 billion by 2017.
Enterprise IT will grow more moderately, with a CAGR of slightly less than 2 percent, going from $213 billion to $233.5 billion over the same forecast period.
"The connection between technology and business is accelerating at lightning pace as business users adopt what IDC refers to as the 'four pillars' — cloud, social, mobile and analytics. Investments in these key areas are driving business-funded technology to reach $275.2 billion in the United States in 2014, accounting for 55 percent of total technology spending," said Eileen Smith, program manager, Global Technology and Industry Research Organization.
The aforementioned “four pillars" are transforming business processes, including the technology purchase decision and budget holder, IDC said. According to the new report, buying power in technology purchases is shifting from CIOs to CMOs, CFOs, VPs of sales and other line executives. This transformation has immense implications on the selling, marketing and delivering of technologies, IDC said. Developing a specific set of messages for each of the stakeholders in the buying process, including the CIO and CMO, CFO, and other lines of business executives, is fundamental to tapping into these new buying centers.