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Worldwide IT Spending Projected to Reach $4.4 Trillion in 2022

Information technology spending is on the rise: According to a recent Gartner forecast, worldwide spending will reach $4.4 trillion this year, a 4% increase compared to 2021. A key driver of investments in IT is the need to remain flexible in the face of diverse challenges, the research firm said.

"This year is proving to be one of the noisiest years on record for CIOs,"explained John-David Lovelock, distinguished research vice president at Gartner. "Geopolitical disruption, inflation, currency fluctuations and supply chain challenges are among the many factors vying for their time and attention, yet contrary to what we saw at the start of 2020, CIOs are accelerating IT investments as they recognize the importance of flexibility and agility in responding to disruption."

Primary areas of purchasing will include analytics, cloud computing, seamless customer services and security, Lovelock added.

Segments that will see the largest growth through 2022 and 2023 are software and IT services, Gartner said. The research firm expects software spending to reach $674.9 billion in 2022 (representing 9.8% growth over last year) and IT services spending to reach $1.3 trillion (6.8% growth). Of note: Behind much of that spending growth is an increase in pricing, largely due to inflation and the scarcity of IT talent (requiring more competitive salaries to retain employees) leading technology service providers to adjust prices accordingly. The long-term trend of digital transformation is also a factor.

"CIOs who keep their eye focused on key market signals, such as the shift from analog to digital business and buying IT to building it, as well as negotiate with their vendor partners to assume ongoing risks, will fare better in the long-term,"said Lovelock. "At this point, only the most fragile companies will be forced to pivot to a cost cutting approach in 2022 and beyond."

More information is available in the on-demand Gartner webinar, "IT Spending Forecast, 1Q22 Update."

About the Author

Rhea Kelly is editor in chief for Campus Technology, THE Journal, and Spaces4Learning. She can be reached at [email protected].

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