Published: 12 July 2023
The banking crisis of early 2023 won’t have long-lasting effects on IT spending. Slowing inflation rates and economic growth are expected in 2023, but IT spending growth remains strong as currency headwinds turn into currency tailwinds pushing the 5% constant currency growth to 5.2% in U.S. dollars.
Inflation has reduced consumer purchasing power and caused consumers to shift away from device purchases while leaving communications service spending intact.
The short-lived and relatively small market wobble created by the insolvency of Silicon Valley Bank, Signature Bank and most recently First Republic Bank has run its course.
Enterprises and governments are facing similar challenges — higher borrowing costs, skills shortages, cloud pricing increases and supply chain disruptions — leading to hesitancy with new projects and reevaluation of ROI for ongoing and proposed projects.
Current economic turbulence will change the context for technology investments through 2023, increasing spending in some areas
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