the fifth consecutive month, the International Data Corporation has lowered its 2023 forecast for worldwide IT spending as technology investments continue to show the impact of a weakening economy.
This is slightly down from 4.5 per cent in the previous month’s forecast and represents a swing from a 6.0 per cent growth forecast in October 2022. “Tech spending remains resilient compared to historical economic downturns and other types of business spending, but rising interest rates are now impacting capital spending.”After reductions to PC forecasts a month ago, IDC has now scaled back its expectations for some additional hardware categories including servers, wearable devices, and peripherals.
“The most significant impact remains concentrated in consumer markets with consumer IT spending now forecast to decline by two per cent this year,” said Minton. “This will be a second consecutive year of declining consumer tech spending, a huge change in fortunes from consumer growth of 18 per cent in 2021. On the other hand, enterprise demand for cloud and digital transformation remains strong despite economic headwinds.