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IT Spending: Global Spending to Hit $4.4 Trillion in 2022
IT spending is projected to be up 4 percent in 2022, reaching $4.4 trillion, according to analyst firm Gartner.
John-David Lovelock, vice president at Gartner, said that “this year is proving to be one of the noisiest years on record for CIOs. 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.”
Inflation is expected to impact hardware and IT salary costs, resulting in higher prices for software, hardware and IT services. Lovelock said that “the vast majority of large organizations will use external consultants to develop their cloud strategy over the next few years. Staff skills gaps, wage inflation and the war for talent will push CIOs to rely more on consultancies and managed service firms to pursue their digital strategies.”
Lovelock said that “CIOs anticipate having the financial and organizational ability to invest in key technologies throughout this year and next. Some IT spending was on hold in early 2022 due to the Omicron variant and subsequent waves but is expected to clear in the near-term.”
