Forecast Report

Global Tech Market Forecast, 2022 To 2027

Global Tech Spend Will Reach $4.4 Trillion Despite A Choppy Macroeconomic Environment

January 18th, 2023
Michael O'Grady, Principal Forecast Analyst
Michael O'Grady Principal Forecast Analyst
Himank Joshi, null
Himank Joshi
With contributors:
Keith Johnston , Frederic Giron , Michael Kearney , Ian McPherson

Summary

Global tech spend will grow 4.7% in 2023 to reach $4.4 trillion despite a choppy macroeconomic environment with slowing liquidity, tight labor markets, and geopolitical turmoil. The Middle East and Africa, Asia Pacific, and North America regions will see faster tech spend growth in 2023, with respective growth rates of 5.6%, 5.4%, and 5.1%. Software spend will be strong, with cloud application and platform services driving 8.3% growth. Overall, tech firms will face a tough 2023 as slow GDP growth, high inflation, and sluggish R&D investment shift focus to earnings, operational efficiencies, and new areas for revenue growth.

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