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