Trends Report

What Technology Services Providers’ Q4 2023 Earnings Mean For Tech Executives

GenAI Drives The Narrative, But A More Confident Tech Economy Is The Real Story

March 14th, 2024
Ted Schadler, VP, Principal Analyst
Ted Schadler VP, Principal Analyst
With contributors:
Matthew Guarini , Anna Synakh , David Morrison , Kara Hartig

Summary

We analyzed the Q4 2023 earnings announcements of large public technology service providers. Our takeaways? First, tech service providers grew much slower in 2023 than in 2022, particularly in North America, signaling a belt tightening in technology spend. But providers project faster growth in 2024 fueled by core transformations and investments in AI. Forrester projects that overall, IT services will grow at 4.6% in 2024, slower than the 5.3% overall growth in technology spend.

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