Forrester predicts that US business and government tech spending will surpass $1.5 trillion in 2018, up nearly 6% from 2017. In its newly published 2018 outlook for US industry tech budgets, Forrester reveals industries with the fastest-growing tech budgets as well as the technologies they’re choosing to invest in.
Below are key findings from the research:
- The 5.8% increase in US tech spending is concentrated in tech staff salaries and benefits, tech outsourcing purchases, software and tech consulting, and systems integration services.
- The US tech budget will grow faster than nominal GDP in 2018 due to the rising adoption of cloud solutions and an increased use of business technology.
- Although US industries vary widely in terms of growth, half will have growth rates that exceed the overall US tech growth rate (5.8%). Ten industries will see growth of 7% or more in their 2018 tech budgets.
- The chemicals and insurance industries will see the biggest tech budget growth in 2018, with an increase of approximately 11% and 10%, respectively
- Although the retail industry will experience lower growth in its tech budgets, it is expected to dedicate 45% of that budget to business technology.
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