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.