Gartner forecasts growth in IT spending

Financial forecast

According to Gartner's latest forecast, global IT spending will reach $4.6 trillion in 2023. Despite ongoing global economic turmoil, IT spending is forecast to grow in all regions worldwide. John-David Lovelock, VP analyst at Gartner, says, "IT spending will remain high, even though many countries are forecast to experience near-stagnant gross domestic product (GDP) growth and high inflation in 2023."

The software market segment will see double-digit growth this year as companies prioritize spending. In doing so, they are pursuing the goal of achieving competitive advantages through increased productivity, automation and other software-driven transformation initiatives. In contrast, the equipment segment will decline by five percent through 2023 as consumers postpone purchases due to declining purchasing power.