According to Gartner's latest forecast, global IT spending is expected to reach $4.5 trillion in 2023, up 2.4 percent from 2022. This is lower than the 5.1 percent growth expected in the previous quarter. While inflation continues to erode consumer purchasing power and depress budget spending, overall enterprise IT spending is expected to remain strong.
Information shows that the software and IT services sectors are expected to grow by 9.3 percent and 5.5 percent, respectively, in 2023. The market is expected to decline by 5.1 percent this year as both consumers and enterprises extend their procurement renewal cycles (table below). Meanwhile, as software spending continues to grow, the IT services market is also growing, as companies look to bring in external IT staff to implement and support. For example, global consulting business spending is expected to reach $264.9 billion in 2023, up 6.7% from 2022.
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