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Global IT spending will reach $4 trillion in 2021 From Gartner

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According to Gartner’s latest forecast, global IT spending is expected to reach $4.1 trillion in 2021, an increase of 8.4% over 2020. New sources of it funding will come more from business units other than it and serve as cost of revenue or cost of sales (COGs).

It spending in all sectors is expected to grow positively by 2022. As companies shift their focus to providing a more comfortable, innovative and productive environment for their employees, the growth of equipment (14%) and enterprise software (10.8%) will reach a higher level.

For example, increasing emphasis on employee experience and well-being has driven technology investment in areas such as social software and collaboration platforms and human capital management (HCM) software.

While efforts to optimize and save costs will not disappear as economic certainty increases in 2021, the focus of CIOs for the rest of the year will be on digital planning to enhance, expand, and transform the company’s value proposition.

Return to pre pandemic spending levels

From an industry perspective, it spending on banking, securities and insurance will return to pre pandemic levels as early as 2021, while retail and transportation will not recover until 2023.

Regionally, Latin America is expected to return to pre epidemic levels in 2024, while it spending in Greater China has exceeded that in 2019. North America and Western Europe are expected to recover by the end of 2021.

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