Worldwide IT spending is projected to total US$4.5 trillion in 2022, an increase of 3% from 2021, according to the latest forecast by Gartner.
While IT spending is expected to grow in 2022, it will be at a slower pace than 2021 due to spending cutbacks on PCs, tablets and printers by consumers, causing spending on devices to shrink.
“Inflation is at the top of everyone’s mind. Central banks around the world are focusing on fighting inflation, with overall inflation rates expected to be reduced through the end of 2023. However, the current levels of volatility being seen in inflation and currency exchange rates is not expected to deter CIOs’ investment plans for 2022,” said John-David Lovelock, Research Vice President at Gartner.
Price increases and delivery uncertainty, exacerbated by the Russian invasion of Ukraine, have accelerated the transition in purchasing preference among CIOs, and enterprises in general, from ownership to service – pushing cloud spending to 18.4% growth in 2021 and expected growth of 22.1% in 2022.
