Worldwide IT spending is projected to total $4.5 trillion in 2023, an increase of 2.4% from 2022, according to the latest forecast by Gartner, Inc. This is down from the previous quarter’s forecast of 5.1% growth.
Gartner observes that inflation continues to erode consumer purchasing power and drive device spending down, but predicts that overall enterprise IT spending will remain strong.
“Consumers and enterprises are facing very different economic realities,” said John-David Lovelock, Distinguished VP Analyst at Gartner. “While inflation is devastating consumer markets, contributing to layoffs at B2C companies, enterprises continue to increase spending on digital business initiatives despite the world economic slowdown.
The software and IT services segments are projected to grow 9.3% and 5.5% in 2023, respectively. The devices segment is forecast to decline 5.1% this year as both consumers and enterprises lengthen device refresh cycles.
