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Funding for New Digital Business Initiatives to Come From Outside of IT
- Worldwide IT spending is projected to total $4.1 trillion in 2021, an increase of 8.4% from 2020, according to the latest forecast by Gartner, Inc.
- The source of funds for new digital business initiatives will more frequently come from business departments outside IT and charged as a cost of revenue or cost of goods sold (COGS).
- All IT spending segments are forecast to have positive growth through 2022 (see Table 1). The highest growth will come from devices (14%) and enterprise software (10.8%) as organizations shift their focus to providing a more comfortable, innovative and productive environment for their workforce.
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- Funding for New Digital Business Initiatives to Come From Outside of IT
- Worldwide IT spending is projected to total $4.1 trillion in 2021, an increase of 8.4% from 2020, according to the latest forecast by Gartner, Inc.
- The source of funds for new digital business initiatives will more frequently come from business departments outside IT and charged as a cost of revenue or cost of goods sold (COGS).
- All IT spending segments are forecast to have positive growth through 2022 (see Table 1). The highest growth will come from devices (14%) and enterprise software (10.8%) as organizations shift their focus to providing a more comfortable, innovative and productive environment for their workforce.
- Return to pre-pandemic spending levels varies
- Recovery across countries, vertical industries and IT segments still varies significantly, prompting a K-shape economic recovery. From an industry perspective, banking and securities and insurance spending will closely resemble pre-pandemic levels as early as 2021, while retail and transportation won’t see the same recovery until closer to 2023.
- Regionally, Latin America is expected to recover in 2024, while Greater China has already surpassed 2019 IT spending levels. North America and Western Europe are both expected to recover in late 2021.
Category 2: The Big Picture of the Digital Age
[genioux fact deduced or extracted from Gartner]
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- Inherited from sources + Supported by the knowledge of one or more experts + Supported by research.
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ABOUT THE AUTHORS
Gartner, Inc, officially known as Gartner, is a global research and advisory firm providing information, advice, and tools for leaders in IT, finance, HR, customer service and support, communications, legal and compliance, marketing, sales, and supply chain functions. Its headquarters are in Stamford, Connecticut, United States. The firm changed its name from Gartner Group, Inc to Gartner in 2000. It is a member of the S&P 500.
Research provided by Gartner has historically targeted CIOs, senior IT, marketing, and supply chain managers. The acquisition of CEB, Inc. has expanded its range and breadth of offerings to support every business function in every industry and enterprise size. Gartner clients include large corporations, government agencies, technology companies, and the investment community. Its client base consists of over 15,000 organizations in over 100 countries. The company's products and services include Research, Executive Programs, Consulting, and Conferences. Founded in 1979, Gartner has over 15,000 employees located in 100+ offices worldwide.
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