Global IT spending 2005-2024

IT spending worldwide is projected to reach around 4.6 trillion U.S. dollars in 2023, a 5.5 percent increase on 2022 spending.

Smaller companies spending a greater share on hardware

According to the results of a survey conducted in July 2020, hardware projects account for a third of IT budgets across North America and Europe. Larger companies tend to allocate a smaller share of their budget to hardware projects. Companies employing between one and 99 people allocated 31 percent of the budget to hardware, compared with 25 percent in companies of five thousand people or more. This could be explained by the greater need to spend money on managed services in larger companies.

Not all companies can reduce their spending

While COVID-19 has the overall effect of reducing IT spending, not all companies will face the same experiences. Setting up employees to comfortably work from home can result in unexpected costs, as can adapting to new operational requirements. In a recent survey of IT buyers, 18 percent of the respondents said they expected their IT budgets to increase in 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.