Gartner predicts rise in global IT spending

Gartner predicts that global IT spending will reach $4.6 trillion in 2023, up 5.1 per cent from 2022 despite geopolitical tensions and a weakening economy.

The slowdown, persistent inflation, and fears of a potential recession may force companies to reduce overall spending. However, IT budgets remain resilient, largely due to expected returns on technology investments.

Companies have learned in recent years that cloud migration, data analytics, and AI technologies provide a bridge to optimization, efficiency gains and cost savings. Most are willing to continue their modernization journey despite dwindling economic realities.

Gartner predicts that spending on software will increase by 11.3 per cent in 2023, while spending on personal computers and other devices will decrease by just over half a percentage point.

“In 2020, CIOs demonstrated that they had solutions to problems. Now, CEOs and CFOs are returning to CIOs to assist them in solving problems and giving them more money to assist other departments in saving money” said John-David Lovelock, distinguished VP analyst at Gartner.

Customer-centric IT and the use of technology to create revenue-generating products and services have been priorities for businesses this year, and businesses will not be able to scale back the cloud as they have done previously, Lovelock said.

The sources for this piece include an article in TheRegister.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web