At 4.5 trillion. dollars comes in 2023, most of them global spending per technology. Related spending will rise 2.4% this year compared to the previous year as budgets for the industry remain recession-proof. As indicated Hellenic Association of Informatics and Telecommunications Enterprises (SEPE), inflation may continue to reduce consumer purchasing power and reduce device spending, but technology business spending remains high, pushing the overall market higher this year. However, the forecast of Gartner, Inc. about the market growth of 2.4% this year does not correspond to the initial estimate of the market growth rate of 5.1% this year. “Consumers and businesses face very different economic realities. As inflation wreaks havoc on consumer markets, fueling layoffs at B2C companies, businesses continue to increase spending on digital business initiatives despite the global economic downturn,” Gartner said, according to SEPE.

As analysts explain, the turbulent economy has changed the context for business decision making and may cause CIOs (CIOs) to become more indecisive, delay investment decisions, or change their priorities. However, IT budgets remain recession-proof. The software and IT services sectors are forecast to grow by 9.3% and 5.5% respectively in 2023 compared to 2022, with corresponding spending reaching $860 billion and $1.3 trillion. US dollars, respectively, in the current year. In contrast, home appliance sales are forecast to decline 5.1% this year as both consumers and businesses lengthen their device refresh cycles. This strategy will boost spending on devices to $685 billion, up from $722 billion in 2022.

In the midst of the pandemic, workers and consumers were massively upgrading their devices such as tablets, laptops and mobile phones due to remote work and study. Now, with no compelling reason to upgrade, and with financial constraints, devices are being used for longer periods of time, a trend that is clearly taking its toll on sales. The vacancy rate is growing every quarter, and high competition for talent is forcing CIOs to hire qualified IT staff. At the same time, as software costs continue to rise, the IT services market is growing as companies seek to bring in external IT staff for implementation and support. For example, consulting spending is expected to reach $264.9 billion in 2023, up 6.7% from 2022. “CIOs are losing the competition for talent. Spending on IT services is growing faster than on proprietary services in every industry,” says Gartner.