No doubt that the year 2020 proved a mixed one for the IT industry as a whole. Some sectors such as Cloud Computing witnessed a lot of growth, while others were overshadowed by the rampant uncertainty.
However, all this is about to change according to research giant Gartner. The company has estimated that in 2021, the overall spending on IT will reach the US $4.07 Trillion mark. This figure has been revised upward from a previous estimate of US $ 3.92 Trillion.
During the year 2020, it is estimated that the global IT spend clocked in at around US $ 3.76 Trillion. The jump in IT spending from US $ 3.76 Trillion to US $ 4.07 Trillion ultimately translates into a healthy growth rate of 8.4% year on year.
This up-beat outlook on the global IT spending is not just limited to the year 2021. Gartner estimates this growth trend to spill over to the year 2022, where it is estimated that the global IT spend will reach the US $ 4.3 Trillion mark.
In percentage terms, this estimated growth rate between the years 2021 and 2022 is also a healthy 5.5%. In 2021, the sharpest increase of 14% in spending is estimated on devices. It is expected that spending on devices will reach the US $ 755 Billion mark.
Enterprise software is the other area where the sharpest increase is expected. In 2021, the total spend on enterprise software is expected to rise by nearly 11% to US $ 515 BN. This level of spending has thrust the IT department into a central role.
Now, IT is being viewed as an effective mechanism to deliver customer value. More and more businesses are now investing in technologies that enable them for sustained remote work scenarios. Good news is, this trend is likely to spill over to 2022 as well.