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Business
with IT Spend
Global forecasted
IT spend
INSIGHTS
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.
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.
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.
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:
Chapter 3
IT Software Spend Forecast
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