India’s IT spending to grow 7.7% in 2022 vs 21% in 2021: Gartner

India’s IT spending is likely to increase 7.7 percent to $114.9 billion in 2022 as compared to 2021 growth rate of 21.2 percent, a Gartner report said on Friday.
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“Digitisation and application modernization will trigger software refresh including SaaS adoption,” said Naveen Mishra, senior director analyst at Gartner.

While IT spending is expected to grow in India, the growth will be at a much slower pace than 2021 due to spending cutbacks on PCs, tablets and printers by consumers, causing spending on devices to shrink 5 percent worldwide.

The global IT spending is projected to reach $4.5 trillion in 2022, an increase of 3 percent from 2021, according to the latest forecast by Gartner.

The critical IT skills shortage being felt across the globe is expected to abate by the end of 2023 when the corporate drive to digital transformations slows down and there has been time for upskilling and reskilling of existing staff.

However, CIOs will be forced to take action to balance increased IT demand and dwindling IT staffing levels.

Worldwide software spending is expected to grow 9.6 percent to $806.8 billion in 2022 and global spending on IT services is forecast to reach $1.3 trillion.