IT Spending Outpacing Revenue Expectations: Gartner

Global IT spending will grow 8.6% this year to $4.21 trillion, after 0.9% growth in 2020, reported Gartner Wednesday. Communications services will be the biggest chunk at $1.44 trillion, followed by IT services ($1.18 trillion) and devices ($784 billion). “Technology spending is entering a new build budget phase,” said analyst John-David Lovelock. “This means building technologies and services that don’t yet exist.” While many companies expect revenue declines post-pandemic, “IT spending is accelerating ahead of revenue expectations,” said Gartner.