Worldwide spending on IT technologies is projected to grow 4 per cent to more than $4.4 trillion in 2022 as organisations pin their investments on long-term digital transformation, a new study from Gartner reveals.
These investments are expected to grow 5.5 per cent to more than $4.67tn in 2023 as companies shrug off inflation and higher prices from technology service providers owing to shortage of talent, the US research company said on Wednesday in its quarterly report.
The capabilities of companies in the next two years would address disruptive factors, including geopolitical situations, currency fluctuations and supply chain challenges, which are among "the many factors vying for [chief information officers'] time and attention", John-David Lovelock, research vice president at Gartner, said in the report.
"This year is proving to be one of the noisiest years on record for CIOs ... contrary to what we saw at the start of 2020, CIOs are accelerating IT investments as they recognise the importance of flexibility and agility in responding to disruption," he said.
Organisations continue to step up their digital transformation efforts in a rapidly evolving landscape where more users are relying on digital platforms.
The digital transformation market is expected to reach $1.25tn by 2026 from $521.5 billion in 2021, according to Markets and Markets.
Investment in direct digital transformation projects is projected to grow at a compounded annual rate of 16.5 per cent from 2022 to 2024, up from the 15.4 per cent growth rate from 2019 to 2024, according to the International Data Corporation.
Gartner's report showed that spending on software will grow most, projected to increase almost 10 per cent to about $675bn in 2022 and 11.8 per cent to $754.8bn in 2023.
Communications services – the transfer of digital data – will top the investment charts at $1.45tn this year and $1.46tn in 2023, albeit at the slowest growth of 0.3 per cent and 2 per cent, respectively.
The IT services category is the only other vertical to have a projected trillion-dollar spend, growing 6.8 per cent to $1.27tn in 2022 and 8.5 per cent to $1.37tn in 2023, Gartner said.
Inflation and an increase in fees of IT service providers – because of the competitive salaries they offering their employees owing to talent shortage – are not expected to hinder these investments.
The purchasing and investing preferences of companies will be primarily focused on areas such as analytics, cloud computing, customer experiences and security, the report said.
CIOs play a key role in differentiating and growing their business, and they need to work closely with senior management to develop digital-enabled solutions that generate revenue or improve profit margins, Gartner said.
This year is proving to be one of the noisiest years on record for CIOs ... at this point, only the most fragile companies will be forced to pivot to a cost-cutting approach in 2022 and beyond
John-David Lovelock,
distinguished research vice president at Gartner
Failure to do so would result in companies lagging behind both in terms digital development and the value they offer to customers, it said.
“CIOs who keep their eye focused on key market signals, such as the shift from analog to digital business and buying IT to building it, as well as negotiate with their vendor partners to assume ongoing risks, will fare better in the long term," Mr Lovelock said.
"At this point, only the most fragile companies will be forced to pivot to a cost-cutting approach in 2022 and beyond.”
Technology service providers, on the other hand, should not be "blindsided" by threats of shrinking markets, commoditisation and disruptive competition, and a broader and long-term perspective is needed for them to discover markets and opportunities to grow, Gartner said in a separate report.
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
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Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
AS IT STANDS IN POOL A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Available: Now
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- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Scorecard:
England 458 & 119/1 (51.0 ov)
South Africa 361
England lead by 216 runs with 9 wickets remaining
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The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
GIANT REVIEW
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Continental champions
Best Asian Player: Massaki Todokoro (Japan)
Best European Player: Adam Wardzinski (Poland)
Best North & Central American Player: DJ Jackson (United States)
Best African Player: Walter Dos Santos (Angola)
Best Oceanian Player: Lee Ting (Australia)
Best South American Player: Gabriel De Sousa (Brazil)
Best Asian Federation: Saudi Jiu-Jitsu Federation
The biog
Family: wife, four children, 11 grandchildren, 16 great-grandchildren
Reads: Newspapers, historical, religious books and biographies
Education: High school in Thatta, a city now in Pakistan
Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India
Happiness: Work on creative ideas, you will also need ideals to make people happy
Non-oil%20trade
%3Cp%3ENon-oil%20trade%20between%20the%20UAE%20and%20Japan%20grew%20by%2034%20per%20cent%20over%20the%20past%20two%20years%2C%20according%20to%20data%20from%20the%20Federal%20Competitiveness%20and%20Statistics%20Centre.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIn%2010%20years%2C%20it%20has%20reached%20a%20total%20of%20Dh524.4%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3ECars%20topped%20the%20list%20of%20the%20top%20five%20commodities%20re-exported%20to%20Japan%20in%202022%2C%20with%20a%20value%20of%20Dh1.3%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3EJewellery%20and%20ornaments%20amounted%20to%20Dh150%20million%20while%20precious%20metal%20scraps%20amounted%20to%20Dh105%20million.%C2%A0%3C%2Fp%3E%0A%3Cp%3ERaw%20aluminium%20was%20ranked%20first%20among%20the%20top%20five%20commodities%20exported%20to%20Japan.%C2%A0%3C%2Fp%3E%0A%3Cp%3ETop%20of%20the%20list%20of%20commodities%20imported%20from%20Japan%20in%202022%20was%20cars%2C%20with%20a%20value%20of%20Dh20.08%20billion.%3C%2Fp%3E%0A
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