Ripple Sets Sights on IT Market Amid Projected $1.5 Trillion IT Service Spending in 2024

Ripple, a leading cryptocurrency payment company, has released a new report emphasizing its strategic focus on penetrating the IT market.

According to the report, the global expenditure on IT services is anticipated to hit $1.5 trillion in 2024. The American crypto-focused firm seeks to corner a significant chunk of this expenditure through its enterprise payment solution, Ripple Payments.

Ripple cited the unfolding situation in the IT space, where companies explore international expansion to leverage a broader workforce. 

However, it argued that for many enterprises, the challenge lies in managing payroll and vendor payments across a global network.

Ripple cited Yogesh Sangle, Head of Instarem, who emphasized IT businesses’ challenges while operating across 40 diverse geographies. 

The expectation for these businesses is to conduct operations round the clock, regardless of time zones, bank cutoff hours, or holidays. The challenge results from the tech firms relying on costly, sluggish transactions from outdated payment systems.

Ripple Targeting IT

In response to the issues, Ripple has released a comprehensive guide addressing how international IT service providers can harness cryptocurrencies to overcome payment obstacles. 

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The handbook outlines the advantages of crypto payments and Ripple’s enterprise payment solution. The firm noted that these blockchain-powered solutions facilitate bridging two currencies within three seconds while maintaining a fixed foreign exchange rate. 

Furthermore, Ripple cited that 97% of payment leaders see cryptocurrencies significantly facilitating faster payments in the coming three years.

97% of payments leaders believe blockchain and digital assets will have a significant role in enabling faster payments within the next three years.

In our latest payments guide, discover how to accelerate global payments for an IT services business. https://t.co/fkYA8N30DO

— Ripple (@Ripple) January 2, 2024

What Ripple Seeks to Offer IT Firms

Ripple mentioned that its enterprise payment solution grants IT service providers the flexibility to make real-time payments to suppliers, vendors, or employees worldwide. 

Moreover, it noted that Ripple Payments eliminates the need for pre-funding. As a result, IT service providers can redirect previously tied-up capital into other business areas, fostering increased financial flexibility and efficiency.

Besides, Ripple claims to simplify the integration process even for businesses unfamiliar with blockchain technology. It stated companies can incorporate Ripple Payments into their existing payment infrastructure using a single, user-friendly API.