The amount spent on IT globally may increase significantly in 2023.

Spending on IT is expected to increase over the previous year.

Gartner(opens in new tab) has published new estimates predicting that things will return to growth as we approach 2023, following a difficult year that saw IT investment decline globally.

According to the analyst company, global IT spending is expected to decrease by 0.2% in 2022 compared to the previous year.

This reduction was primarily due to a 10.6% decrease in device spending, but data center system spending increased by an astounding 12.0%, suggesting our expanding requirement for digital archiving.

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In fact, Gartner predicts that the only sector that will decrease in size will be devices (down 5.1%), which may have already been updated as businesses shifted to hybrid working practices in recent years. As a result, it is anticipated that overall global IT spending will rise by 2.4% in 2023 compared to the previous year, with figures looking to the year 2023 to be around $4.49 trillion (as opposed to $4.39 trillion in 2022).

However, the company had projected growth for 2023 to be around 5.1% in October, indicating that the aftershocks of ongoing global events are still having a negative impact on firms all around the world.

"A tumultuous economy has changed the backdrop of company decisions and can force CIOs to become more cautious, delay decisions, or reshuffle priorities," said John-David Lovelock, Distinguished VP Analyst at Gartner.

Looking ahead to the coming year, it's possible that some businesses that over-invested in expansion during the pandemic may now need to carefully explore choices to trim down resources, while many employees look for employment that can keep up with demand for better earnings.