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Global IT Spending Decreased in 2022


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Cable ends.

Many corporate technology leaders said to weather tough market conditions, they plan to sharpen the focus of their budgets on a smaller set of priorities in the year ahead.

Credit: Jens Büttner/dpa/ZUMA Press

Companies worldwide made deep cuts in enterprise technology spending last year, with tighter information-technology budgets likely to stretch well into the year ahead.

Global IT spending contracted 0.2% in 2022, dropping to $4.38 trillion—a rare instance of corporations spending less on digital business tools than in the previous year, according to IT consulting and research firm Gartner Inc.

Gartner had initially estimated that IT spending had increased 0.8% last year. 

The firm now expects spending to increase 2.4% this year, less than half the rate of its previous estimate in October, as economic uncertainties continue to rattle markets, Gartner said in a report Wednesday.

 

From The Wall Street Journal
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