Software and IT services will drive worldwide IT spending to $4.5 trillion in 2023, an increase of 2.4% above 2022, according to the latest forecast by market research firm Gartner. That’s down from last quarter’s estimate of 5.1% growth, mainly due to a slower-than-expected rebound for hardware sales.
Enterprise spending on software and IT services is projected to increase 9.3% and 5.5% in 2023, respectively. However, continuing a trend from previous forecasts, spending on hardware devices is expected to decline 5.1% this year as both consumers and enterprises lengthen device refresh cycles.
