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IT Spending 2021: Businesses Forced to Accelerate Digital Transformation. Spending to Reach $4 Trillion.
IT spending dropped 3.2 percent in 2020, but is expected to rebound this year by 6.2 percent, according to Gartner. In 2020, IT focused on ‘mission-critical’ technology and spending. Their spending perspective is expected to broaden this year.
Gartner forecasts that “through to 2024, businesses will be forced to accelerate digital business transformation plans by at least five years to survive in a post-Covid-19 world that will involve permanently higher adoption of remote work and digital touchpoints.”
John-David Lovelock, Research Vice President at Gartner, said that “the CIO has a balanced action to take in 2021, which means saving cash and expanding IT. As the economy returns to solid levels, companies are investing in IT in a way that is in line with growth expectations, rather than current revenue levels. Digital businesses led by projects that take less time to create value will attract more funding and board-level attention towards 2021.”
Lovelock said that “digital business is a major technology trend from late 2020 to early 2021, with areas such as cloud computing, core business applications, security and customer experience at the forefront.”
