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IT Budget Considerations for 2023

As 2022 comes to a conclusion, we’ve seen tremendous economic turmoil while emerging from almost 3 years of unstable commerce. COVID definitely hit the population hard from a health perspective but the health of our financial systems also had a pretty grim period as well. Though economic recovery is well underway, recouping losses and attempts to nurse our economy back to health have come with a bump in costs. A rise in natural resource prices has trickled into the costs for supply chain which has seen growth across the board for commercial and consumer goods and services pricing. This has affected the IT industry as a whole, with stock issues and rising service costs. According to Gartner’s forecasting, IT spending will increase in almost all categories by around 5.1% over the coming year.

Broken down by category: 

  • Data Centers +3.4%
  • Software +11.3%
  • Hardware -0.6%
  • Computer Services +7.9%
  • Communication Services +2.4%

Speculatively, this increase is causing organizations to review their business needs and spend more judiciously. The same Gartner reporting, noted above, has identified a trend towards assembling technology solutions to meet specific business drivers. This shift is going to further reinforce the foundational growth of ‘cloud over on-premises’ spending when it comes to IT dollars in new services.

With cloud solutions further becoming the organizational back end, ICT assemblers (Managed Service Providers) have two options for 2023 market share growth; they can either wait or they can work to drive adoption. Only one of these options will provide ROI and I’ll let you guess which one that is. 

To review your plans for 2023 and see how BIT can help you fuel your specific business drivers, call us (416-646-1690)!

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