Global information technology spending is set to grow by 3 per cent annually to $4.5 trillion in 2022 as chief information officers go ahead with investment plans despite rising inflation and currency volatility challenges, a Gartner study shows.
The latest forecast — which is higher than the research company's April prediction of $4.4tn — comes at a time when chief information officers continue to boost infrastructure investment despite price increases and supply chain uncertainty, which has been exacerbated by the Russia's military offensive in Ukraine, Gartner said.
“Inflation is top of mind for everyone. However, the current levels of volatility being seen in both inflation and currency exchange rates is not expected to deter CIOs’ investment plans for 2022,” said John-David Lovelock, research vice president at Gartner.
Inflation in the US and Europe is at a four-decade high and is surging around the world as energy and commodity prices remain high.
While the 3 per cent growth in 2022 is much slower when compared with last year's 10 per cent, spending is expected to pick up again next year.
Gartner predicts that IT spending will grow 6 per cent to about $4.8tn in 2023.
Investment in IT infrastructure is critical for companies, and “those that do not invest in the short term will likely fall behind in the medium term and risk not being around in the long term”, Mr Lovelock said.
Companies are focusing on improving their IT services as they compete to cater to societies that have become more heavily reliant on digital services.
The Gartner study showed that spending on data centres will record the strongest growth of all segments in 2022, increasing by about 11 per cent to $212 billion from $191bn last year.
Meanwhile, IT services spending is projected to grow 6.2 per cent this year, largely driven by a 17 per cent jump in cloud consulting, implementation and managed services.
Public cloud services spending will rise more than 20 per cent annually to $495bn this year, Garner predicted in May.
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- 600-seat auditorium
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Torque: 1075Nm
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Price: On request
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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The specs
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The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
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Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
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1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
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Friday: First practice - 1pm; Second practice - 5pm
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