IT Market To Hit $4.5 Trillion In 2022

24 Jan 2022

Global IT spending is expected to increase 5 percent in 2020 with the managed and consultancy services market flourishing to $1.28 trillion.

Despite the ongoing COVID-19 pandemic, worldwide IT spending is expected to reach nearly $4.5 trillion in 2022 as organizations of all sizes are ready to move beyond short-term projects that were needed to combat the global pandemic, according to new data from IT research firm Gartner.

One key trend is that the managed and consultancy IT services market will surge nearly 8 percent annually to $1.28 trillion in 2022 as businesses increase their reliance on external consultants, such as channel partners, especially for their cloud strategies.

John-David Lovelock, a distinguished research vice president at Gartner, said the cloud is serving as a “key element” for businesses looking to achieve digital transformation and support the new remote workforce.

“Gartner expects the vast majority of large organizations to use external consultants to develop their cloud strategy over the next few years,” said Lovelock in a statement. “Staff skills gaps, wage inflation and the war for talent will push CIOs to rely more on consultancies and managed service firms to pursue their digital strategies.”

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