Networking

The global information technology (IT) market is a massive and rapidly evolving sector, driven by innovation in areas like artificial intelligence and cloud computing. The worldwide IT services market alone was valued at $1.50 trillion in 2024 and is projected to grow to $2.59 trillion by 2030, a CAGR of 9.4%. Overall IT spending is also forecast to increase.

Cottage industries connect to the global market through modern e-commerce platforms, which allow small producers to sell handmade and specialized goods worldwide, while also facing challenges from mass-produced goods. While historically linked to the putting-out system, the global market for cottage industries is now heavily influenced by online marketplaces and digital marketing, enabling artisans to reach new customers directly and preserve cultural crafts. Developing economies leverage these industries for employment and income, though they must adapt to compete and overcome challenges like limited scale and marketing reach.