bottom line: Workforce shortages, geopolitical turmoil, currency fluctuations and inflation are not expected to impact IT investment in 2022. In fact, research firm Gartner is forecasting a four percent increase in global IT spending this year amid all the turmoil.
“Unlike what we saw in early 2020, CIOs are accelerating IT investments as they recognize the importance of agility and agility in responding to disruptions.” said John-David Lovelock, vice president of research at Gartner.
Thus, Gartner expects significant spending on IT services, including analytics, cloud computing and security. This may be exacerbated by the fact that some IT spending was put on hold earlier this year due to the Omicron option and other waves. Assuming the worst is yet to come, money should flow more freely in the near future.
Collective spending across all categories of IT was nearly $4.3 trillion in 2021. Organizations are expected to spend more than $4.4 trillion this year. Growth in categories such as IT services and software is forecast to increase by 6.8% and 9.8%, respectively.
The software category could see double-digit growth in 2023, driven by experiential end-user experience and supply chain optimization.
Lovelock said that CIOs who closely monitor key market signals, as well as those who negotiate with vendors, will do better in the long run. Lovelock added that only the most vulnerable companies will need to take cost-cutting measures in 2022 and beyond.