Even as inflation erodes consumer purchasing power, enterprise IT spending is expected to remain strong, with Gartner forecasting worldwide IT spending to grow 2.4% in 2023 to total $4.5 trillion. Learn more. GartnerIT CIO
“During the height of the pandemic, employees and consumers had technology refreshes of tablets, laptops and mobile phones due to remote work and education,” said Lovelock. “Without a compelling reason for an upgrade, device assets are being used longer andJob vacancy rates have been increasing every quarter and the open jobs per unemployed rate is at record lows in many countries.
Simultaneously as software spend continues to rise, the IT services market is growing as companies look to bring in outside IT staff for implementation and support. For example, spending on consulting is expected to reach $264.9 billion in 2023, a 6.7% increase from 2022. “CIOs are losing the competition for talent,” said Lovelock. “IT services spending is growing more quickly than internal services in every industry. Skilled IT workers are migrating away from the enterprise CIO towards technology and service providers who can keep up with increased wage requirements, development opportunities and career prospects.”
Gartner’s IT spending forecast methodology relies heavily on rigorous analysis of the sales by over a thousand vendors across the entire range of IT products and services. Gartner uses primary research techniques, complemented by secondary research sources, to build a comprehensive database of market size data on which to base its forecast.
The Gartner quarterly IT spending forecast delivers a unique perspective on IT spending across the hardware, software, IT services and telecommunications segments. These reports help Gartner clients understand market opportunities and challenges.
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