Worldwide spending on IT products and services will continue to grow next year, even as some economists predict a recession in 2023, according to a report released today by Gartner Research.
A steady 5.1% increase—to a projected total of $4.6 trillion—represents businesses trying to get ahead of the worst effects of the recession by pushing ahead IT initiatives designed to curb long-term spending, the report said.
The lion’s share of that growth, according to Gartner, will be taken up by software and services spending. Total worldwide software spending is set to grow from about $790 billion this year to $879 billion in 2023, representing an 11.3% growth rate. Likewise, spending on IT services will increase from $1.25 trillion in 2022 to $1.35 trillion next year, for a 7.9% rate of growth.