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There will be strong Enterprise Software (+13.2%) and IT Services (+9.8%) growth throughout the rest of 2021 and into 2022, according to a recent forecast from Gartner. Global IT spending in 2021 is expected to exceed $4.2 trillion.
John-David Lovelock, vice president at Gartner, said that “technology spending is entering a new build budget phase. CIOs are looking for partners who can think past the digital sprints of 2020 and be more intentional in their digital transformation efforts in 2021. This means building technologies and services that don’t yet exist, and further differentiating their organization in an already crowded market. Digital transformation can no longer be purchased overnight, and global IT spending projections reflect that as the world continues to open back up, enterprises will invest in tools that support innovation, anywhere operations, and employee productivity and trust.”
Digital Transformation is the reason behind a large amount of the increased spending.
In June, Alejandra Lozada, director at Gartner, said that “as COVID-19 lockdowns were imposed, most finance organizations tried to digitize as many processes as possible to move to a virtual work environment. CFOs also view technology as a competitive differentiator that can widen the performance gap between their businesses and those of their peers. While CFOs are planning to increase their digital investments, they are less clear on what digital business means and the technologies with the most significant impact on their businesses. This could be a challenge. CFOs need a clear digitalization language and vision to focus their teams on the key investments and initiatives required to accelerate transformation. This clarity is needed to make coherent technology investments that enhance one another.”