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IT spending to hit $4.6 trillion in 2023

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Worldwide IT spending is projected to total $4.6 trillion in 2023, an increase of 5.5% from 2022 – despite continued global economic turbulence, all regions worldwide are projected to have positive IT spending growth.

“Macroeconomic headwinds are not slowing digital transformation,” said John-David Lovelock, Distinguished VP Analyst at Gartner. “IT spending will remain strong, even as many countries are projected to have near-flat gross domestic product (GDP) growth and high inflation in 2023. Prioritisation will be critical as CIOs look to optimise spend while using digital technology to transform the company’s value proposition, revenue and client interactions.”

The software segment will see double-digit growth this year as enterprises prioritize spending to capture competitive advantages through increased productivity, automation and other software-driven transformation initiatives. Conversely, the devices segment will decline nearly 5% in 2023, as consumers defer device purchases due to declining purchasing power and a lack of incentive to buy (see Table 1).

Table 1. Worldwide IT Spending Forecast (Millions of U.S. Dollars)

  2022 Spending 2022 Growth (%) 2023 Spending 2023 Growth (%) 2024 Spending 2024 Growth (%)
Data Center Systems 216,095 13.7 224,123 3.7 237,790 6.1
Devices 717,048 -10.7 684,342 -4.6 759,331 11.0
Software 793,839 8.8 891,386 12.3 1,007,769 13.1
IT Services 1,250,224 3.5 1,364,106 9.1 1,502,759 10.2
Communications Services 1,424,603 -1.8 1,479,671 3.9 1,536,156 3.8
Overall IT 4,401,809 0.5 4,643,628 5.5 5,043,805 8.6

Source: Gartner (April 2023)

As enterprises navigate continued economic turbulence, the split of technologies being maintained versus those driving the business is apparent in their position relative to overall average IT spending growth.

“CIOs face a balancing act that is evident in the dichotomies in IT spending,” said Lovelock. “For example, there is sufficient spending within data center markets to maintain existing on-premises data centers, but new spending has shifted to cloud options, as reflected in the growth in IT services.”

The IT services segment will continue its growth trajectory through 2024, largely driven by the infrastructure-as-a-service market, which is projected to reach over 30% growth this year. For the first time, price is a key driver of increased spend for cloud services segments, rather than just increased usage.

Exposure from Bank Failures Remains Contained, but Tech CEOs Must Prepare for Disruption

The collapse of Silicon Valley Bank, Signature Bank and Credit Suisse created a shockwave within the banking and tech industries. While exposure remains relatively contained, tech startups are likely to face renewed questions and scrutiny from stakeholders, clients and prospects.

“This is not just a tech problem, as these firms lent money to all forms of startups – not just IT,” said Lovelock. “Tech CEOs must urgently ensure they are moving their organization forward by conserving working capital, monitoring the impact on cash, securing access to credit and keeping a close eye on talent and culture. Once the organization is properly prepared, tech CEOs can then direct and engage employees to find, accelerate and execute on market opportunities.”

Tech Talent Shortages Continue Amidst Layoffs

Even as layoffs continue to impact the tech industry at large, there is still a critical shortage of skilled IT labor. The demand for tech talent greatly outstrips the supply, which will continue until at least 2026 based on forecast IT spend.

“Tech layoffs do not mean that the IT talent shortage is over,” said Lovelock. “IT spending on internal services is slowing in all industries, and enterprises are not keep up with wage rate increases. As a result, enterprises will spend more money to retain fewer staff and will turn to IT services firms to fill in the gaps.”

Democratisation of technology among the top trends impacting providers and buyers

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The top trends that will impact technology providers  and buyers through 2025 will be driven by businesses increasing their reliance on technology, new opportunities emerging through technology and the impact of external macro forces.

That’s according to a study from Gartner, which asserts that as the march of digitalisation continues even amidst disruption, technology providers have a leading role to play.

Rajesh Kandaswamy, Distinguished VP Analyst and Gartner Fellow, said: “In 2023, product leaders and technology executives must balance short-term planning with long-term strategy to stay ahead of the immediate shocks to the economy and the underlying ‘permacrisis’ forces shaping business.”

Here are the trends Gartner identified that will impact technology customers, buyers, products, ecosystems, business models and operating models worldwide for at least the next three years:

Democratisation of Technology

The democratization of technology empowers non-IT workers to seek out, select, implement and custom fit their own technology. This trend offers opportunities to meet the needs of a new set of citizen developers and business technologists. Gartner predicts that by 2025, 55% of all successful emerging technology solutions will be delivered to “nontraditional” buyers – for example, outside IT – within enterprises, enabling vendors to expand into new markets and forge new customer relationships.

Federated Enterprise Technology Buying

In a federated buying process, buying decisions are made by representatives across the business. Driven by the democratization of technology, federated enterprise technology buying is accelerating, with just 26% of technology buyers in a recent Gartner survey reporting that purchases are funded solely by IT.

“Federated buying creates opportunities for product leaders as it enables a focus on more value-added services for business customers,” said Emil Berthelsen, VP Analyst at Gartner. “However, it also adds complexity, forcing changes to go-to-market models and demanding a greater focus on value scenarios and outcomes.”

Product-Led Growth

Product-led growth (PLG) is a go-to-market strategy in which users experience value through free product offers or interactive or automated demonstrations. Then, users are either converted directly to paid accounts or their advocacy and influence helps to drive purchases. By 2025, 95% of software-as-a-service (SaaS) providers will employ a form of self-service PLG for new customer acquisition.

“PLG is hitting its stride in B2B after much acclaim in the B2C technology world,” said Kandaswamy. “It can reduce cost to acquire customers and shorter sales cycles relative to traditional buyer-oriented, top-down marketing and sales strategies.”

Co-Innovation Ecosystems

The co-innovation ecosystem approach is an emerging practice that enables the convergence of internal, external, collaborative and co-creative ideas to create new value. Businesses are actively using technology to differentiate and succeed, so they are increasingly co-innovating with tech providers.

“With a co-innovation partner ecosystem, technology providers can meet pressing customer needs through use of shared skills, technology expertise, investment and incentives,” said Kandaswamy.

Digital Marketplaces

Technology buyers are embracing digital marketplaces to easily find, procure, implement and integrate technology solutions. Non-tech buyers are also increasingly looking to marketplaces to meet their requirements for composable and easily consumable technology solutions.

“Technology and service providers are increasing their investment in marketplace channels as they seek growth opportunities and competitive advantage,” said Kandaswamy. “A digital marketplace accelerates time to market, extends outreach to target segments, expands partner ecosystems and speeds up the sales cycle.”

Intelligent Applications

Intelligent applications will create value and disrupt markets by learning, adapting and generating new ideas and outcomes. For example, generative artificial intelligence (AI) is an emerging technology quickly gaining traction for commercial use within intelligent applications. Generative AI can produce novel media content (including text, image, video and audio), synthetic data and models of physical objects.

“Product leaders should expect generative AI features that empower workforces with augmented and creative capabilities to be a new competitive front in intelligent applications,” said Kandaswamy.

Metaverse Technologies for Marketing and Customer Experience (CX)

Metaverse technologies are rapidly gaining traction in marketing for creating unique experiences, impactful interactions and novel engagement. By 2027, over 40% of large organizations worldwide will be using a combination of Web3, spatial computing and digital twins in metaverse-based projects aimed at increasing revenue.

“B2B marketers have an opportunity to apply metaverse technologies and the immersive experiences they provide to expand customer reach and engagement and improve CX,” said Kandaswamy. “Early adopters are using metaverse technologies to host events in virtual spaces, conduct internal and external sales meetings, showcase products and more.”

Sustainable Business

“Sustainable business has transformed into a ‘must have’ rather than a ‘nice to have,’” said Kandaswamy. “In an increasingly technology-driven world, sustainable business is underpinned by sustainable technology.”

Technology providers must improve the sustainability of their products that enable sustainable business outcomes. A recent Gartner survey found that 42% of leaders are currently leveraging sustainability activities to drive innovation, differentiation and enterprise growth through sustainable products. Gartner predicts that by 2025, tech providers that can quantify their offering’s positive contribution to customers’ sustainability objectives will increase their win rate by 20%.

Techno-nationalism

A trend away from globalization and into mercantilism is causing global markets to become increasingly local, impacting global technology ecosystems. Policy decisions are driving countries to implement of digital sovereignty regulations, causing a divergence of technology stacks. In response to this trend, product leaders must balance meeting specific country-level localization needs and product profitability.

Cyberthreats and IT governance are top concerns for auditors in 2023

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Cyberthreats and IT governance are top risk areas for internal auditors to address in their audit plans for 2023.

That’s according to the Gartner 2023 Audit Plan Hot Spots Report, which identifies the top 12 risk focus areas for Chief Audit Executives (CAEs) to help them identify risks to their organisations and plan audit coverage for the coming year.

“Cyberthreats remain a perennial concern for CAEs, yet the drivers of this risk have evolved as a result of new geopolitical conflicts and the heightened prospect of state-sponsored attacks,” said Leslee McKnight, vice president for the Gartner Legal, Risk and Compliance practice. “Mitigation plans need to be revisited to reflect the evolution of the risk and prepare the organization to meet increasingly stringent disclosure requirements in the event of a breach.”

Adjacent hot spots, such as ensuring adequate IT governance and third-party risk management, contribute to a challenging outlook for mitigating the full array of potential cyberthreats facing organizations in 2023. While most CAEs indicated they planned to address cybersecurity in their plans next year, only 42% of survey respondents expressed a high level of confidence in their ability to provide adequate assurance in this area.

Gartner’s annual report is based on a survey of 112 CAEs completed in August 2022, additional structured interviews with CAEs and IT Audit leaders, as well as data and insights generated from cross-functional Gartner research throughout 2022. The top risk focus areas identified from this process are listed below.

2023 Audit Plan Hot Spots

  • Cyberthreats
  • IT Governance
  • Data Governance
  • Third-Party Risk Management
  • Organizational Resilience
  • Environmental, Social and Governance (ESG)
  • Supply Chain
  • Macroeconomic Volatility
  • Workforce Management
  • Cost Pressures
  • Culture
  • Climate Degradation

Three key themes drove the risks this year including a “renationalization of resources” and a “triple squeeze” of growing cost pressures, supply chain risks and labor scarcity. The final theme, the need to “rethink organizational resilience,” is unique as its own distinct risk area and a driver of a multitude of other risks.

The ability to withstand crises and disruptions may become more critical next year, and many organizations still take a limited view of resilience, mostly focused on business continuity and IT disaster recovery. This narrow view of resilience fails to account for additional risks impacting resilience including greatly increased economic volatility and impacts from climate degradation.

“Rethinking resilience is a key theme that underlies a diverse set of risks facing organizations in 2023, including economic volatility, climate degradation and third-party risk management,” said McKnight. “Currently less than one third of audit leaders are highly confident in their team’s ability to provide assurance over organizational resilience risk, and more concerning, less than half plan to cover organizational resilience in audit activities in the coming year.”

McKnight further noted that the increasingly interconnected risk landscape increases the chances for cascading risks, where one risk causes additional risks to manifest for an organization, a scenario that few organizations are actively planning against today.

CIOs ‘need to accelerate time to value’ from digital investments

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CIOs and IT leaders must take action to accelerate time to value and drive top- and bottom-line enterprise growth from digital investments.

That’s according to Gartner’s annual global survey of CIOs and technology executives, which gathered data from 2,203 CIO respondents in 81 countries and all major industries, representing approximately $15 trillion in revenue/public-sector budgets and $322 billion in IT spending.

“The pressure on CIOs to deliver digital dividends is higher than ever,” said Daniel Sanchez Reina, VP Analyst at Gartner. “CEOs and boards anticipated that investments in digital assets, channels and digital business capabilities would accelerate growth beyond what was previously possible. Now, business leadership expects to see these digital-driven improvements reflected in enterprise financials.

“CIOs expect IT budgets to increase 5.1% on average in 2023 – lower than the projected 6.5% global inflation rate. A triple squeeze of economic pressure, scarce and expensive talent and ongoing supply challenges is heightening the desire and urgency to realize time to value.”

The survey analysis revealed four ways in which CIOs can deliver digital dividends and demonstrate the financial impact of technology investments:

Prioritize the Right Digital Initiatives

Survey respondents ranked their executives’ objectives for digital technology investment over the last two years. The top two objectives were to improve operational excellence (53%) and improve customer or citizen experience (45%). In comparison, only 27% cited growing revenue as a primary objective and 22% cited improving cost efficiency.

“CIOs must prioritize digital initiatives with market-facing, growth impact,” said Janelle Hill, Distinguished VP Analyst, Gartner. “For some CIOs, this means stepping out of their comfort zone of internal back-office automation to instead focus on customer or constituent-facing initiatives.”

The survey revealed that CIOs’ future technology plans remain focused on optimization rather than growth. CIOs’ top areas of increased investment for 2023 include cyber and information security (66%), business intelligence/data analytics (55%) and cloud platforms (50%). However, just 32% are increasing investment in artificial intelligence (AI) and 24% in hyperautomation.

“Leading CIOs are more likely to leverage data, analytics and AI to detect emerging consumer behavior or sentiment that might represent a growth opportunity,” added Hill.

Create a Metrics Hierarchy

The survey found that 95% of organizations struggle with developing a vision for digital change, often due to competing expectations from different stakeholders. To drive financial outcomes, CIOs must reconcile siloed initiatives by using a visual metrics hierarchy to communicate and demonstrate interdependencies across related digital initiatives.

“A key ingredient needed to accelerate delivery of digital benefits is accountability,” said Hill. “For example, if the enterprise undertakes a digital initiative to improve customer experience, with the financial goal of improving profit margins, then the CIO’s accountable partner is likely the CMO.”

CIOs should connect with functional leaders for each digital initiative to understand what ‘improvement’ means and how it can be measured. Creating a picture that reflects the hierarchy of technical and business outcome metrics for each initiative will help identify the chain of accountability that will collectively deliver the dividend in focus.

Contribute IT Talent to a Business-Led Fusion Team

While strategic engagement with business unit leaders is necessary to accelerate digital initiatives, the survey exposed an IT mindset of “go it alone” regarding solution delivery. For example, 77% of CIOs said that IT employees are primarily providing innovation and collaboration tools, compared with 18% who said non-IT personnel are providing these tools.

“Over-dependence on IT staff for digital delivery reflects a traditional mindset, which can impede agility,” said Sanchez Reina. “CIOs must embrace democratized digital delivery by design to accelerate time to value. Equipping and empowering those outside of IT – especially business technologists – to build digitalized capabilities, assets and channels can help achieve business goals faster.”

Loaning IT staff to fusion teams that combine business experts, business technologists and IT staff will catalyze a team that is focused on achieving digital business outcomes, while also opening the way for reciprocity, such as integrating subject-matter experts from the business into an IT-led fusion team.

Reduce the Talent Gap with Unconventional Resources

Many CIOs continue to struggle to hire and retain IT talent to accelerate digital initiatives. However, the survey identified numerous sources of technology talent that are untapped. For example, only 12% of enterprises use students (through internships and relationships with schools) to help develop technological capabilities and only 23% use gig workers.

“Talent shortages are among the greatest hindrances to digital,” said Sanchez Reina. “CIOs are often limited by policies related to preferred providers or employment contracts. They must stress to business and HR leadership that engaging unconventional talent sources can help accelerate the realization of digital dividends.”

Geopolitical risk ‘will provide CIOs with new leadership opportunities’

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Technology governance issues emanating from cross-country politics have led to digital geopolitics rapidly becoming an issue that multinational CIOs must step up to lead, according to Gartner.

Forty-one percent of Boards of Directors view geopolitical power shifts and turbulence as one of the biggest risks to performance, according to a Gartner survey. Gartner predicts that by 2026, 70% of multinational enterprises will adjust the countries in which they operate by hedging to reduce their geopolitical exposure.

“Digital geopolitics is now one of the most disruptive trends that CIOs must address, with many now dealing with trade disputes, legislation coming from one country that impacts global operations, and government imposed restrictions on the acquisition and use of digital technology,” said Brian Prentice, VP analyst and Gartner Fellow. “They need to get acquainted with this new reality and prepare for its impact.”

Geopolitics describes the geographic influences on power relationships in international relations. The resulting competition between nations plays out in many areas, including economic, military and society. Due to the increasing importance that digital technology plays in each of these areas, digital geopolitics is emerging as its own unique category of impact.

Gartner says CIOs must play a pivotal role in assessing corporate risk and, if required, rearchitecting digital systems. They will need to manage or exploit four distinct facets of digital geopolitics (see graphic below).

1. Protect digital sovereignty

Digital sovereignty will be a primary source of complex, dynamic and expanding compliance obligations for multinational enterprises. Governments are primarily addressing it through their legislative and regulatory powers, such as privacy laws like the GDPR, and are increasingly turning to extraterritorial legislation. Companies that deal with the citizens of a jurisdiction are required to comply with its laws, regardless of where the company operates or where the citizens reside.

CIOs must be proactively engaged in ensuring that the IT organization’s operating model and practices reflect current laws and regulations in place. Their role is to be aware of the legal environment and articulate to other executives how the IT organization supports compliance across the enterprise.

2. Build a local technology industry

The technology industry is of great interest to public policymakers around the world due to its size, fast growth, strategic importance, tax revenue, employment possibilities and lack of requirement for a specific national resource advantage.

Many national governments are investing in developing a home-grown tech sector. For example, the U.S. seeks to address regional imbalance in global chip production through the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act, and the Australian Government’s Digital Economy Strategy 2030 includes building a dynamic and emerging tech sector as a key pillar.

Efforts to establish a domestic technology industry provide CIOs with an opportunity for proactive engagement with governments. They must localize specific initiatives into countries that have the best integration between local expertise and access to government co-innovation support.

3. Achieve necessary military capability

The growing digitalization of national military and security operations will limit the availability of some technologies within various countries. Enterprises and CIOs are impacted by the emerging sphere of cyberwarfare, as well as the digitalization of existing warfighting and security technologies.

CIOs can no longer count on the availability of technology used by the enterprise for its operations in any country in which it operates and will likely be faced with restricted and mandated suppliers. To minimize disruptions, they must establish a vendor and technology risk center of excellence, chartered with a regular assessment of the exposure of key suppliers to evolving government restrictions.

4. Exert direct control over the governance of cyberspace

National competition for control over the governance of cyberspace will impact the operations of multinational enterprises. As digital technology weaves itself through all aspects of society, nations are seeking to ensure that their own technologies reflect and support their core values and their citizens. Governments are increasingly concluding that they need a protected national digital infrastructure.

The machinations by governments for control over cyberspace governance are beyond the influence of CIOs, but they will have profound impacts on a business’ ability to operate internationally. CIOs can advance the executive team’s understanding of cross-national competition for control over cyberspace and the impacts to their enterprise’s operations by leading an annual cyberspace environmental update briefing.

Global IT spending to grow 3% in 2022, says Gartner

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Worldwide IT spending is projected to total $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 much slower pace than 2021 due to spending cutbacks on PCs, tablets and printers by consumers, causing spending on devices to shrink 5%.

“Inflation is top of mind for everyone. 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 both inflation and currency exchange rates is not expected to deter CIOs’ investment plans for 2022,” said John-David Lovelock, distinguished research vice president at Gartner. “Organizations that do not invest in the short term will likely fall behind in the medium term and risk not being around in the long term.”

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. Not only is cloud service demand reshaping the IT services industry, but it is also driving spending on servers to 16.6% growth in 2022, as hyperscalers build out their data centers.

Spending on data center systems is forecast to experience the strongest growth of all segments in 2022 at 11.1%. Cloud consulting and implementation and cloud managed services are expected to grow 17.2% in 2022, from $217 billion in 2021 to $255 billion in 2022, helping to drive the overall IT services segment to 6.2% growth in 2022 (see Table 1).

Table 1. Worldwide IT Spending Forecast (Millions of U.S. Dollars)

  2021 Spending 2021  Growth (%) 2022 Spending 2022  Growth (%) 2023 Spending 2023  Growth (%)
Data Center Systems  

191,001

  

6.4

  

212,218

  

11.1

  

221,590

  

4.4
Software 735,869 14.7 806,800 9.6 902,182 11.8
Devices 808,580 16.0 767,872 -5.0 790,888 3.0
IT Services 1,207,966 12.8 1,283,192 6.2 1,389,169 8.3
Communications Services  

1,458,527

  

3.8

  

1,464,551

  

0.4

  

1,505,733

  

2.8
Overall IT 4,401,944 10.2 4,534,632 3.0 4,809,561 6.1

Source: Gartner (July 2022)

IT Talent Crunch is Affecting IT Spending

The critical IT skills shortage being felt across the globe is expected to abate by the end of 2023 when the corporate drive to complete digital transformations slows down and there has been time for upskilling and reskilling of existing staff. However, in the near term, CIOs will be forced to take action to balance increased IT demand and dwindling IT staffing levels.

The IT labor market continues to tighten, making it difficult to attract and retain talent. The Gartner Global Labor Market Survey of nearly 18,000 employees in the first quarter of 2022 showed compensation is the No. 1 driver for IT talent attraction and retention. Technology service providers are increasing prices on IT to allow for competitive salaries. This is driving an increase in spending in software and services through 2022 and 2023. Worldwide software spending is expected to grow 9.6% to $806.8 billion in 2022 and global spending on IT services is forecast to reach $1.3 trillion.

“Additionally, CIOs are using more IT services to assist in the lack of skilled IT staff. Tasks that require lower skill sets tend to be outsourced to managed service firms to alleviate staff time, while critical strategy work, which requires high-end skills unobtainable by many enterprises, will increasingly be fulfilled by external consultants,” said Lovelock.

Gartner’s IT spending forecast methodology relies heavily on rigorous analysis of the sales by over a thousand vendors across the entire range of IT products and services. Gartner uses primary research techniques, complemented by secondary research sources, to build a comprehensive database of market size data on which to base its forecast.

The Gartner quarterly IT spending forecast delivers a unique perspective on IT spending across the hardware, software, IT services and telecommunications segments. These reports help Gartner clients understand market opportunities and challenges. The most recent IT spending forecast research is available to Gartner clients in “Gartner Market Databook, 2Q22 Update.”

Download your complimentary copy of the 2021 Gartner Market Guide for Email Security

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By Tessian

Big News! Tessian has been recognized as a Representative Integrated Cloud Email Security (ICES) Vendor in the 2021 Gartner Market Guide for Email Security.

Learn more about the changing threat landscape, Gartner’s recommendations, and what sets Tessian apart.

This report states that “Email continues to be a significant attack vector for both malware and credential theft through phishing…security and risk management leaders must ensure that their existing solution remains appropriate for the changing landscape.”

Gartner predicts that by “2023, at least 40% of all organisations will use built-in protection capabilities from cloud email providers rather than a secure email gateway (SEG)”.

WHAT’S INSIDE THIS MARKET GUIDE?

  • Insights from Gartner on how to define your enterprise email security strategy
  • Email security market direction and analysis
  • Deep dive into each of the 3 types of email security solutions
  • Why is email a prevalent attack vector?
  • A list of Representative Vendors recognized by Gartner in the email security space

Download Guide

Risk-based approach needed to stop cyber crime

 960 640 Stuart O'Brien
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A report by Gartner has advised companies to take a risk-based approach to stop cyber crime, rather than trying to prevent attacks with large-scale, expensive security deployments.

A survey commissioned by Gartner of 3,160 CIOs across 98 countries and various major industries showed that 35% had already invested in a form of digital security at their company, with 36% admitting that they were planning to activate digital security at their company in the short term.

Discussing the findings, Rob McMillan, research director at Gartner, said: “Raising budgets alone doesn’t create an improved risk posture.

“Security investments must be prioritised by business outcomes to ensure the right amount is spent on the right things.”

McMillan advised companies to take a risk-based approach, with businesses continuously changing plans and security techniques as and when necessary.

“Taking a risk-based approach is imperative to set a target level of cybersecurity readiness,” added MacMillan.

“In a twisted way, many cybercriminals are digital pioneers, finding ways to leverage big data and web-scale techniques to stage attacks and steal data.

”CIOs can’t protect their organisations from everything, so they need to create a sustainable set of controls that balances their need to protect their business with their need to run it.”

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