What industry spends the most money on Information Technology?
The banking and financial services industry spends the most money on information technology at 10.5 percent. The education and government industry also spend a significant amount on IT.
Computing and information technology has effected and essentially revolutionised the banking industry within a broad variety of ways, it has allowed the use of credit cards to be broadly used upon the banking spectrum and has reduced the amount of 'Physical' money drastically. Did you know now less then 8% of the world money is actually physical the rest is virtual money stored upon accounts and so on!
Most of the bank industry is tied in with the stock market. The stock market is tied in with technology. When the first iPod came out, stocks on Apple were rising, which altered the banking industry. I always think of the banks being a base for the stock market, since that's where the money is held.
Impact of information technology on forex trade is immense. In fact in today's world,transfer of money via SWIFT is made from one country to other by the twinkling of the eye, by the blessings of information technology. Even any stoppage of service due to technical reason causes havoc in forex trade and its impact is unimaginable. Without information technology, forex trade is no where to exist.
Everything. Communication, finances and the banking system, the critical infrastructure such as power stations and trains, entertainment, information and even in the health industry with database records and hi tech equipment that utilises artificial intelligence such as machines that perform operations that no hand is steady enough to do. In factories for mass production of goods, satellite navigation, the list goes on. I think something close to 93% of all money is digital and has…