IT spending by automotive companies to reach $7.66 bln

IDC expects the total automotive IT market size of $6.4 bln in 2004, to reach $7.66 bln by 2008. IDC expects that overall automotive IT spending growth will be 1.2% in 2004, a value of $6.4 bln, and will show 4.4% compound annual growth rate (CAGR) over the forecast period. Hardware and IT services spending growth is expected to be negligible in 2004, recovering slightly in 2005, with IT spending growth being driven by software spending over the forecast period.