New Research At Forrester’s Technology & Innovation North America Reveals Global Tech Spending Will Surpass $4.8 Trillion In 2023
Last Updated on: 30th September 2022, 01:09 pm
As we approach the 2023 mark, the global tech spending will surpass $4.8 trillion, which is an increase of 6% from last year. Despite this increase, uncertainty continues to be a major trend in the market.
In fact, 61% of respondents to Forrester’s Technology & Innovation North America survey said that uncertainty about the future of the market is a major concern. Despite the concerns, there are some bright spots in the market.
Forrester found that the biggest growth areas for tech spending are artificial intelligence (AI), data analytics, and quantum computing. In fact, quantum computing is predicted to grow by more than 600% over the next three years.
Here are some other highlights from the report:
Global tech spending will reach more than $4.8 trillion in 2023, according to new research from Forrester. This growth is being driven by two-thirds of technology decision-makers who are increasing their tech budgets even as economic uncertainty increases.
This increased spending will help support continued growth in the tech sector and create new opportunities for businesses of all sizes.
Also, 80% of companies will pivot their innovation efforts from creativity to resilience in the next five years. This means that they’ll focus on building proven solutions that can stand up to the challenges of the future.
The main areas where the global tech spending is predicted to grow are in the areas of mobile, cloud, artificial intelligence (AI), and machine learning. These are the areas where the global tech spending is predicted to grow the most.
Predictions 2023: Tech Leadership
However, despite the growth, the number of tech companies experiencing distress is on the rise, with capital flow reductions, higher interest rates, and fears of reduced customer demand cited as the main reasons. This has led to an increase in whistleblower activity, with CIOs increasingly having to act to ensure the safety and security of their data.
Revenue Grew 1.8 Times Faster – Company who met cutomer needs
According to Forrester’s latest research, companies that met customers’ needs by being future fit, even in uncertain times, grew revenue 1.8 times faster than their peers. This is a clear sign that companies that innovated and disrupted the status quo will continue to thrive in the years to come.
In order to be future fit, companies must be able to anticipate and respond to changes in the market, as well as manage risk. They must also be able to forge strong relationships with their customers and partners.
So what can businesses do to prepare for the future?
- First and foremost, companies need to focus on being future fit. This means that they need to be able to meet the needs of their customers no matter what the circumstances.
- Second, companies need to invest in artificial intelligence and other technologies that will help them to meet the needs of their customers.
- And finally, companies need to make sure that their products and services are available globally. This way, they can appeal to a wider range of customers.
All of these measures will help businesses to thrive in an increasingly uncertain world.
Create An Adaptive Organization To Attract The Right Talent
One of the ways that tech leaders will be able to attract the right talent is by creating an adaptive organization that continuously develops and applies knowledge and skills to drive resilience. This type of organization will be able to keep up with the changing needs of the tech sector and will be able to attract the best talent.
Despite the growth of the global tech industry, however, there are several challenges facing leaders in the field. One of the biggest is the struggle to attract the right talent. Over the past year, tech companies have seen a huge shortage of skilled workers, with some having to turn to temporary workers or foreign workers to fill vacancies.
65% Tech Professionals Will Spend On Emerging echnologies
This expansive spending is predicted to result in a positive return on investment for many businesses over the next 12 months. According to Forrester, 65% of tech professionals say their firm will increase spending on emerging technologies over the next 12 months. Future fit tech organizations are poised to see positive near-term ROI in four emerging tech categories: extended reality (XR), AI-powered TuringBots, Web3, and Zero Trust edge.
While many businesses are still trying to understand the potential impacts of these technologies, the potential upside is indisputable. AI-powered bots are expected to improve customer service and help businesses manage their workload more efficiently. XR technology will allow businesses to create more immersive experiences for their customers, which can result in increased sales and loyalty.
Web3 is also expected to play a significant role in the future of tech. This blockchain technology is expected to help create a more secure online environment and reduce the costs of transactions. Additionally, the Zero Trust edge is expected to help businesses protect their data from unauthorized access.
Research At Forrester’s Technology & Innovation North America