Global IT spending to total over US$4 trillion in 2023: Gartner

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according to latest forecast By Gartner Inc.Worldwide information technology spending is set to increase by 2.4 percent, totaling US$4.5 trillion in 2023. This is lower than Gartner’s forecast of 5.1 percent growth for the previous quarter.

Spending in software and IT services is projected to grow by 9.3 percent and 5.5 percent, respectively, in 2023. In contrast, end-user hardware spending is projected to decline as both consumer and enterprise devices postpone upgrades.

“During the peak of the pandemic, employees and consumers had fresh access to tablet, laptop and mobile phone technology due to remote work and education,” said John-David Lovelock, VP analyst at Gartner. “Without a compelling reason to upgrade, equipment assets are being overused and the market is suffering.”

While inflation continues to erode consumer purchasing power, and contribute to layoffs in business for consumer (B2C) enterprises, IT spending is expected to maintain momentum, despite the looming recession.

In addition, as software spending continues to rise, the market for IT services is growing, and companies are looking to bring in external IT staff for implementation and support. Spending on consulting is expected to reach US$264.9 billion in 2023, up 6.7 percent from 2022.

“CIOs are losing the competition for talent,” Lovelock said. “IT services spending is growing faster than internal spending in every industry. Skilled IT workers are migrating from enterprise CIOs to technology and service providers (TSPs) due to increased salary requirements, growth opportunities and career Can maintain the possibilities of.

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