in the past For three years, the chaos of the pandemic has been felt everywhere.
IT executives suddenly found themselves supporting legions of workers who work from home; planned system expansions and upgrades had to be put on hold; organizations needed new technologies to meet changing workforce needs.
With people returning to offices, IT priorities are shifting rapidly, especially given the looming recession, high inflation and stressed supply chains. Our latest research report offers some insight into where companies are spending their IT spending in 2022.
For our latest survey, we surveyed 1,200 IT leaders, which equates to approximately $570 billion in annual IT spending.
Every year we survey IT decision makers worldwide about their plans for the coming year. For our latest survey, we surveyed 1,200 IT leaders, which equates to approximately $570 billion in annual IT spending. We asked them about their technology assessments and their spending intentions to find out what they were planning for their corporate networks.
Here are eight of the IT spending trends we considered to be most important:
IT spend projections soften
Overall, space spending has slowed from previous forecasts. According to the 2022 survey, IT spending will grow 6.7% year-over-year (YOY), down from December when growth was expected to be 8.7% YOY.
Our research shows that organizations’ plans to launch new IT projects have stalled since early 2022. At the same time, the need for experienced IT staff has increased and the demand for space staff has reached the highest level we have ever seen.
The US Bureau of Labor Statistics predicts that more than 667,600 IT jobs will be created between 2020 and 2030, representing a growth of 13%. The lack of experienced professionals is a problem that companies of all sizes in all markets will face for some time to come.
IT managers are advised to place greater emphasis on employee retention and continued recruiting of new talent.
SMEs are growing faster
The SME sector shows a slightly stronger growth than the large companies. For vendors targeting the SMB market, now is an excellent time to increase marketing spend and amplify lead generation and content marketing. Smaller accounts can bring in more sales in the short term.
Energy and utilities spend more on IT
Interestingly, the energy sector, which tends to be conservative in its IT spending, shows the largest budget increase. Education shows the lowest expected IT spending. Sellers should consider shifting marketing budgets to vertical markets that expect higher spend.