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Even with continuing macroeconomic headwinds, IT spending continues to grow year over year.
According to the data in our latest report, 1.5 million businesses worldwide are projected to spend $3.7 trillion on IT software, services, hardware, and communications in 2023.* This forecast illustrates the resilience of IT spending in 2023 and beyond.
The report identifies several trends impacting IT spending, including prioritizing IT spending amid economic challenges and integrating automation and AI technologies into products and services. It also examines specific subcategories such as software, services, hardware, and communications, and provides insights into their respective spending forecasts and regional variations.
Here are some high-level takeaways from each section of the report:
These statistics emphasize the substantial opportunities in the B2B IT market for 2023. Strategic decisions are the most important considerations facing any business. The IT Spend Report: The Global Forecast for IT Spending in 2023 was created to empower your business with insights to drive successful, data-driven decision-making in 2023 and beyond.
* This data is a subset of the data that HG Insights’ collects on over 11 million businesses worldwide. If you’d like to learn more, contact us.
HG Insights uses advanced data science to process billions of unstructured digital documents to produce the world’s most sophisticated technology installation information, IT spend, contract intelligence and intent data.
To provide our industry-leading IT spend insights, HG Insights leverages a data-driven approach to IT spend projections, overlaid with a consensus-based forecasting component, in order to generate reliable data at the individual account level and rolling up to the market level. HG’s approach is informed by myriad internal and external data sets and inputs, and triangulated against vendor data and the publicly-stated positions of credible data providers.
The HG spend model provides enterprise spend only. HG’s model is initially broken down into internal and external spend. Internal spend represents spend for a company’s own IT department, generally on staffing and maintenance. External spend represents spend through third-party vendors, on hardware, software, services and communications.
Beyond the internal and external spend segmentation, HG reports through its top-level technology categories, and segments further into more than 130 spend categories. The model distributes spend cleanly through these spend categories, meaning there is no duplication of spend across multiple spend classes.
Chapter 2
IT Spend Spend Overview
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