Software and IT services to gain more importance in the year

It was recently reported that software and IT services are expected to grow a lot in the coming year.

Indeed, a study by Forrester shows that software will be growing by 10.5% in 2022 and IT services by 6.8% within the tech market in 2022. Cloud services providers have experienced a 40% rise in the past year.

Due to this, IT executives are more and more looking to increase their use of the cloud for their data storage. Most organisations are then planning to move to the cloud in order to have 58% of their application portfolio on the cloud in two years’ time. Hence, public cloud spending is expected to double within the next three years, with a minimal number of non-critical operations not in or planning to migrate to the cloud.

Moreover, it was found out that IT services will be growing due to the move to remote and hybrid work implementations during the pandemic. The areas that will be impacted the most are data privacy, software security, and data management services.

North America is thus expected to be the biggest tech spender in 2022, with the U.S. holding 41% of tech spending this year. Asia is also expected to grow with its in-house software development and technology exports.