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According to the latest forecast from Gartner, Inc. global IT spending is projected to reach $4.4 trillion in 2022, up 4% from 2021.

Despite the many factors competing for the attention of business leaders this year, from geopolitical disruption and inflation to currency fluctuations and supply chain challenges, IT spending is not slowing down. In fact, CIOs are accelerating IT investments in categories such as security, customer experience, analytics and cloud because they understand the importance of remaining flexible and agile in responding to such factors.

Inflation previously seen with IT hardware such as mobile devices, tablets and PCs is seeping through to software and services, helping to drive spending growth in these segments through 2022 and 2023. More specifically, software spending is expected to grow 9.8% to $674.9 billion by 2022 and IT services is expected to grow 6.8% to $1.3 trillion.

CGlobal’s IT spending is expected to grow by 4% this year, with software spending experiencing the largest growth at nearly 10%.

Gartner expects digital business initiatives such as experiential end-user experience and supply chain optimization to drive business application and infrastructure software spending into double digits by 2023.

The Russian invasion of Ukraine is not expected to have a direct impact on global IT spending. Price and wage inflation, exacerbated by talent shortages and other supply uncertainties, are expected to have a greater impact on CIOs’ plans in 2022.

For the time being, organizations are not concerned about the financial and organizational capacity to continue investing in key technologies this year and next. Some initial delays in early 2022 due to the Omicron variant are expected to disappear in the near future. Only the most vulnerable companies will be forced to adopt a cost-effective approach.

Read Gartner’s full report.

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This post Report: Global IT spend expected to be $4.4T was original published at “https://venturebeat.com/2022/04/08/report-global-it-spending-expected-to-hit-4-4t/”