Worldwide IT spending in 2022 is poised to exceed $4.4 trillion, an increase of 4% over 2021, even after growing at the torrid pace of 9.5% the year before. When the pandemic first hit in early 2020, unsure about the business implications, CIOs pulled back considerably on their IT spending. This trend soon reversed.
As companies recognized that the way forward was by investing in tech, IT spending went into overdrive. In the last two years, CIO’s have convincingly demonstrated the centrality of tech in achieving business resilience. Whether facilitating work from home, delivering products and services in novel ways, or analyzing and responding to unpredictable changes in the business environment, IT is now widely recognized as pivotal to the ability of companies to compete successfully, more so amidst growing uncertainty and volatility.
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