Published: 25 July 2023
Optimism regarding technology demand and growth slowed in 2Q23. High-tech product leaders must secure their 2023 plans and plan for a 2024 driven by unreliable demand and the need to invest in new technology.
Technology demand has slowed in the second quarter of 2023 in response to changing economic conditions. At the same time, providers anticipate making investmentsin generative AI ahead of possible market demand in 2024.
Gartner continues to forecast IT spending to grow at 4.4% for the remainder of 2023 and 7.1% in 2024 in constant currency.
Customer purchases for the remainder of 2023 require even stronger connections between business value, business outcomes, products and services. Purchase decisions continue to face economic uncertainty and face the potential to make significant investments in generative AI.
Competition among providers is anticipated to increase
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Analysts:
Mark McDonald, John-David Lovelock, Christy Ferguson, Emil Berthelsen
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