Gartner: Overall IT Spend Has Slowed. But Software? That’s Still Growing - The Entrepreneurial Way with A.I.

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Monday, January 30, 2023

Gartner: Overall IT Spend Has Slowed. But Software? That’s Still Growing

#SmallBusiness

So the latest data from Gartner is out, and overall it’s a mixed bag — but good for SaaS in 2023:

  • Overall IT spend will grow now just 2.4% in 2023 to $4.5 trillion, way down from the 5.1% projected last quarter.  CIOs are cutting back overall much more than anticipated just a few months ago.

But — the cuts aren’t really coming in enterprise software budgets.

  • Gartner is predicting will grow enterprise software spend will grow a stunning 9.3% to $856 Billion in 2023.  And that’s up from 7.1% growth in 2022 and a total of $783 Billion in enterprise software spend.

Software is the one place CIOs still plan to spend a lot more on in 2023 than 2022:

This doesn’t mean it’s easy out there.  No data says that.  And CIOs and enterprises have clearly changed their software spending priorities.

But it does mean at a higher level, the trends are still positive for SaaS and Cloud spend.  Even if we have to push through, in some cases, a rough patch.

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Jason Lemkin, Khareem Sudlow