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Chapter 2 | IT Spend Overview in 2023

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  • The Ultimate B2B Market Forecast for 2023
  • Chapter 1
    Global Forecast For IT Spend 2023
  • Chapter 2
    IT Spend Overview In 2023
  • Chapter 3
    IT Software Spend Forecast In 2023
  • Chapter 4
    IT Services Spend Forecast In 2023
  • Chapter 5
    IT Hardware Spend Forecast In 2023
  • Chapter 6
    IT Communications Spend Forecast In 2023
Chapter 2

IT Spend Overview in 2023

Total IT Spend Forecast

HG Insights data empowers Go-To-Market teams by providing a high-resolution view into specific product adoption and spend. With this focused lens, HG has identified 1.5 million businesses spending money on IT, with a total value of $3.7 trillion in 2023.

with IT Spend


Global forecasted
IT spend

Total External IT Spend by Region

Source: HG Insights data

HG estimates external IT spend for four top-level categories — Software, Services, Hardware, and Communications – and 128 subcategories. See the appendix on page 26 for the full list of subcategories covered by HG data.

Global IT Spend by Category

Chapter 2 | IT Spend Overview in 2023
Source: HG Insights data

Trends Impacting IT Spend in 2023 & Beyond

1. Macroeconomic Headwinds

While we are certainly facing a turbulent economy, the realities of that landscape are different for consumers and enterprises, according to 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.”

Even as many countries face high inflation and flat GDP growth, HG data indicates growing IT spend in every global region. However, we expect to see more prioritization in IT as leaders optimize spending to extend their runway.

2. Automation & AI

The rapid rise of ChatGPT and other Natural Language Processing (NLP) systems at the end of 2022 has made AI one of the loudest topics of conversation across the business world in 2023, with the market for NLP systems forecasted to exceed $341 billion by 2030. The impact AI will have on organizations, the lives of individuals and the global economy, remains to be seen, but many IT vendors are already folding AI capabilities into their own products and services.

3. Cybersecurity & Risk Management

Cybersecurity is a growing concern in 2023, as global cyberattacks increased by 38% in 2022. The previous trends — macroeconomic headwinds and automation and AI — impact security 
as well:

  • AI affects the “arms race” between attackers and defenders, reducing the technical knowledge needed to quickly exploit any system vulnerabilities
  • Economic issues increase risk exposure, as organizations facing inflation, budget cuts, or layoffs may have IT teams who are spread thin or forced to choose between priorities