International Finance

Global IT spending to increase by 5.5% to reach $4.5 tn in 2022

Global IT Spending-IFM-image

IT spending across the globe is set to increase by 5.5 percent to reach $4.5 trillion in 2022, according to the latest forecast by Connecticut-based technology research and consulting company Gartner. It is estimated that around $1.5 trillion will be spent on communication services.

Spending on enterprise software is also expected to increase significantly next year. Spending is projected to grow by 11.5 percent next year compared to 2021, driven by infrastructure software spending.

John-David Lovelock, research vice president at Gartner told the media, “Enterprises will increasingly build new technologies and software, rather than buy and implement them, leading to overall slower spending levels in 2022 compared to 2021.”

“However, digital tech initiatives remain a top strategic business priority for companies as they continue to reinvent the future of work, focusing spending on making their infrastructure bulletproof and accommodating increasingly complex hybrid work for employees going into 2022.”

The Middle East and North Africa (MENA) region is likely to spend $171 billion in IT this year, Gartner revealed earlier this year. This is an increase of 4.5 percent year-on-year. Businesses in the region are likely to spend $7.6 billion more in 2021, compared to last year.

The report, which was released in April, also revealed that spending on IT services will grow by 8.7 percent to $13 million in 2021.

Similarly, spending on tech devices will rise by 8 percent to $27 million during the period. Global IT spending is likely to reach $4.1 trillion in 2021.

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