World's biggest companies spent $895bn on tech in 2014

IDC says "innovation stage" of third platform will spark more focus on value creation

The world's biggest companies spent $895bn (£601.43bn) on technology last year, according to the latest figures from IDC.

The analyst also said that as we enter the "innovation stage" of the third platform - big data, mobile, social and cloud - that spending from these companies will focus more on value creation.

According to the IDC report, which surveyed 2,600 businesses, Wal-Mart was the world's single biggest spender on IT last year. This was followed by Bank of America in second, and Citigroup came in third.The report found that nine out of the top 10 spenders increased their IT spending from 2013 to 2014.

Jessica Goepfert, programme director of IDC's Global Technology and Industry Research Organisation, said: "When it comes to IT innovation, the world's largest companies are often criticised as being risk averse, sluggish and siloed.

"However there is no denying that the IT budgets of larger companies are, well, larger. In addition, when acknowledged and appreciated, marquee organisations can be loyal, serve as references for industry peers, and also refer business to their major vendors."

Companies allot on average one third of their technology spending on telecommunications staff salaries and benefits and for internal IT, the report said.