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Global IT spending to grow 5% by 2023: Gartner

According to Gartner’s latest forecast, global IT spending in 2023 is expected to grow by 5.1% from 2022, reaching a total of US$4.6 trillion.

The need for IT is expected to increase in the coming year as companies push forward with digital business initiatives in response to economic turmoil.

Gartner VP Analyst John-David Lovelock said: “Economic turmoil will change the landscape of technology investments, increasing spending in some areas and accelerating declines in others, but will have a material impact on overall levels of corporate technology spending. is not predicted.

Lovelock also noted that inflation is reducing the purchasing power of consumers around the world. As a result, consumer spending has fallen and 2022 device purchases have been delayed until 2023. Spending on devices will drop by just over 8% in 2022 and 0.6% in 2023. ”

The data center market has ample spending to maintain existing on-premises data centers, and organizations are looking at a variety of cloud options, as evidenced by the projected 11.3% growth in software spending in 2023. continue to spend on

Table 1. Projected global IT spending (in millions of dollars). Source: Gartner (October 2022)

Additionally, a July 2022 Gartner survey of more than 200 chief financial officers found that nearly 70% plan to increase their spending on digital technology.

“Companies primarily use digital technologies to add new products and services, change the cash flow of existing products and services, change the value proposition of existing products and services, and reinvent revenue streams. We build it,” said Lovelock. “This trend has driven a shift from buying technology to building, configuring, and assembling it to meet specific business drivers. is the foundation of

Global IT spending to grow 5% by 2023: Gartner

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