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HG has identified over 1.5 million businesses spending $3.7 trillion on IT software, services, communications, and hardware in 2023.
We’re thrilled to announce the release of our IT Spend Report: The Ultimate B2B Market Forecast for 2023. A first-of-its-kind in the industry, this comprehensive market report details the global IT spending landscape, from every category to region.
HG Insights’ cloud data empowers Go-To-Market teams by providing a high-resolution view into specific cloud product adoption, usage, and spend. With this focused lens, HG has released this report to help you make data-driven decisions with global technology install and IT spend data.
A key takeaway is the sheer breadth of data itself — made available for free. The report contains global spending forecasts for every top IT category including software, services, hardware, and communications, and takes a deep dive into specific industries, including cloud security and infrastructure as a service (IaaS), to shed light on the buyer landscape of growing areas within the IT market.
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Key Findings from the IT Spend Report
According to the report, 1.5 million businesses worldwide are projected to spend a total of $3.7 trillion on IT software, services, hardware, and communications in 2023. This forecast is lower than Gartner’s estimate of $4.6 trillion.
The report identifies several trends impacting IT spending, including the prioritization of IT spending amid economic challenges and the integration of automation and AI technologies into products and services. It also delves into specific subcategories such as software, services, hardware, and communications, providing insights into their respective spending forecasts and regional variations.
Here are a few takeaways:
- Global software spend is projected to reach $1.02 trillion, with notable subcategories like Sales & Marketing, and Security witnessing significant investments
- IT services category has a projected global spend of $1.6 trillion with notable growth in subcategories such as Cloud Services, Business Process Outsourcing, and IT Consulting
- The IT hardware market is expected to reach $607 billion, with Client Computing, Server Computing, and Network Infrastructure being the largest categories
- IT communications spend is projected to exceed $455.7 billion, primarily driven by Mobile Services and Fixed Data
These statistics emphasize the substantial opportunities in the B2B IT market for 2023. To take a deep dive into the numbers, download your copy now!
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The report is free and was created to empower your business with insights that drive successful GTM decisions in 2023, and beyond.
HG Insights, the provider of data-driven insights to 75% of tech companies in the Fortune 100, is your go-to-market Technology Intelligence partner. We use advanced insights into Technology Intelligence — on IT spend, technographics, cloud usage, intent signals, Functional Area Intelligence, contract details, and AI maturity — to provide global B2B companies with a better way to analyze markets and target prospects. Our customers achieve unprecedented results in their marketing and sales programs thanks to the indexing of billions of unstructured documents each day with insights into product adoption, usage, spend data, and more to build high-resolution maps of activity across an organization’s entire digital infrastructure to power business decisions with precision and confidence.About HG Insights
