Throughout the pre-vaccine COVID era, IT buyers indicated budget constraints would constrict 2020 spending by roughly 5% relative to 2019 levels. But the forced March to digital combined with increased cyber threats created a modernization mandate that powered Q4 spending last year. This momentum has carried through to 2021. However, COVID variants have delayed return to work and business travel plans. As such our current forecast for global IT spending remains strong at 6-7%, but slightly down from previous estimates. Notably, CIOs and IT buyers expect a 7-8% increase in 2022 spending, reflecting investments in hybrid strategies and a continued belief that technology remains the underpinning of competitive advantage in the coming decade.
Breaking Analysis with Dave Vellante