target audience: TECH SUPPLIER Publication date: Aug 2023 - Document type: Web Conference Proceeding: Tech Supplier - Doc Document number: # WC20230816
State of the Market: IT Spending Midyear Update by Industry
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Abstract
This IDC Web Conference provides an update on the current state of the global IT market and the latest outlook for technology budgets with a special focus on IT spending by industry.
The global economy and IT markets have remained resilient in the first half of 2023, even though many economists still anticipate a possible recession in the next six months. Surveys continue to show that projects related to the cloud and digital transformation are on track, while the AI hype cycle has served only to increase awareness around potential productivity gains from software investment. At the same time, capital spending on hardware has softened due to cost cutting and higher interest rates, as tech buyers in some industries are forced to make targeted reductions.
The presentation, featuring Jessica Goepfert and Stephen Minton from IDC's Data and Analytics team, will address questions such as:
- What is the new outlook for IT spending in 2023, in the context of market performance in the first half of the year, and how have expectations changed for 2024?
- What is the current and future outlook by industry, and which vertical markets are currently showing the strongest growth opportunities?
- Which areas of IT spending have accelerated since the start of the year, and which have seen reductions or reallocations by some organizations?
- How is hype around generative AI impacting the short-term and long-term outlook for IT budgets?
- What are the most likely scenarios for global IT markets, given uncertainty in the economic outlook for China, Europe, and some emerging markets?