Gartner Lowers 2023 Worldwide IT Spending Forecast to 2.4% Growth

This post was originally published on IT Pro Today

Worldwide IT spending is likely to continue to grow in 2023, albeit at a slower pace than analyst firm Gartner first forecast.

Gartner released its latest IT spending forecast on Jan. 18, reporting that it expects worldwide IT spending to grow by 2.4% in 2023 to an estimated $4.5 trillion. The 2.4% growth forecast for 2023 is significantly lower than the analyst firm’s prior estimates for 2023, which had pegged growth at 5.1%.

Alongside the revised estimates for slower growth in 2023, Gartner also updated its estimates for worldwide IT spending for 2022. Gartner now estimates that IT spending in 2022 will total $4.39 trillion, representing a decrease of 0.2% compared with 2021.

There is, however, some nuance in the revised 2022 figures due to fluctuations in the value of the U.S. dollar. John-David Lovelock, distinguished VP analyst at Gartner, said that the rising U.S. dollar pushed the 2022 spending down to -0.2%. However, the constant currency growth rate remained unchanged in 2022 at 5.5%.

“Overall spending on IT worked out as we expected at the country and market level,” Lovelock told ITPro

Read the rest of this post, which was originally published on IT Pro Today.

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