Most Indian companies are now investing in risk management capabilities

IT spending in India is expected to reach $114.9 billion in 2022, up 7.7% from last year, according to a Gartner report on Friday.

Global economic uncertainty continues to be a concern for Indian businesses.

Indian IT spending is expected to maintain robust growth of 7.7% in 2022, compared to a growth rate of 21.2% in 2021.

“Continued investment in large-scale data centers, coupled with rising average selling price (ASP), is expected to drive 13.6% revenue growth for data centers in 2022. Digitization and modernization of applications will trigger software refresh, including the continued adoption of SaaS,” said Naveen Mishra. , senior analyst director at Gartner.

While IT spending is expected to increase, it will be at a much slower pace than in 2021 due to reduced spending on PCs, tablets and printers by consumers, driving device spending down 5% globally .

Global IT spending is expected to reach $4.5 trillion in 2022, a 3% increase from 2021, according to the latest Gartner forecast.

“Inflation is a major concern for everyone. Central banks around the world are focused on fighting inflation, with headline inflation rates set to be reduced through the end of 2023,” said John-David Lovelock, Distinguished Vice President of Research at Gartner. .

Organizations that don’t invest in the short term will likely fall behind in the medium term and may not be there in the long term, he added.

The critical IT skills shortage felt around the world is expected to ease by the end of 2023 when business drive to drive digital transformations slows and there has been time to upskill and reskill existing staff.

However, in the short term, CIOs will be forced to take steps to balance growing IT demand and shrinking IT workforces.

Global software spending is expected to grow 9.6% to $806.8 billion in 2022 and global IT services spending is expected to reach $1.3 trillion.

“Tasks that require lower skill sets tend to be outsourced to managed services companies to reduce staff time, while critical strategic work, which requires high-end skills that many companies cannot afford, will be increasingly provided by outside consultants,” Lovelock said.