China's ICT market expected to grow fast by 2021: IDC

BEIJING - China's information and communications technology (ICT) market is expected to see a compound annual growth rate (CAGR) of 8.6 percent from 2016 to 2021, according to the International Data Corporation (IDC).

The pace is faster than the 5.6-percent CAGR predicted for the global ICT market during the same period.

The ICT market has entered a phase of new technology and the rise of digital, social, and mobile platforms and ecosystems, IDC China president Huo Jinjie said Wednesday at IDC Directions 2018, an annual industry event.

The market will contribute to the expansion of China's digital economy, which is expected to reach $8.5 trillion by 2021, making up about 55 percent of GDP, according to Wu Lianfeng, vice-president and chief analyst of IDC China.

To make the most of the opportunities of the digital economy, enterprises should stay attuned with the latest technology while transforming their business models to be more data-driven and open, Wu suggested.