According to the latest predictions from Gartner, global IT spending could reach US$3.9 trillion in 2020. Enterprises are likely to prioritise their technology budgets as the political and economic pressures from 2019 lessen.
“Although political uncertainties pushed the global economy closer to recession, it did not occur in 2019 and is still not the most likely scenario for 2020 and beyond,” said John-David Lovelock, research vice president at Gartner. “With the waning of global uncertainties, businesses are redoubling investments in IT as they anticipate revenue growth.”
According to the firm’s research, software will see the greatest growth in 2020 at 10.5% compared with 2019.
“Almost all of the market segments with enterprise software are being driven by the adoption of software as a service,” said Lovelock. “We even expect spending on forms of software that are not cloud to continue to grow.”
Cloud-based offerings will remain a priority for enterprises as they are expected to grow at a faster rate than traditional IT solutions through to 2022.
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