New Research At Forrester's Technology & Innovation North America Reveals Global Tech Spending Will Surpass $4 Trillion In 2023 -- Despite Increasing Uncertainty
New research from Forrester unveiled at the Technology & Innovation North America event indicates global tech spending is projected to exceed $4 trillion in 2023, with two-thirds of tech decision-makers increasing their budgets amid economic uncertainty. Future-fit tech leaders are expected to focus on operational resilience and customer needs, shifting innovation efforts from creativity to resilience. Key findings highlight the need for adaptive strategies, with 80% of companies prioritizing these changes. Forrester emphasizes the importance of tech platforms and a skills-based talent strategy.
- Global tech spending is projected to exceed $4 trillion in 2023.
- Two-thirds of technology decision-makers are increasing their tech budgets.
- Companies focused on being future fit grew revenue 1.8 times faster than peers.
- Tech companies face distress due to capital flow reductions and higher interest rates.
- Concerns regarding reduced customer demand may impact revenue.
Economic turbulence, supply chain issues, and a tech talent shortage will prompt tech leaders to prioritize investments in projects that improve operational resilience to drive growth
AUSTIN, Texas, and CAMBRIDGE, Mass., Sept. 29, 2022 /PRNewswire/ -- New research unveiled at Forrester's (Nasdaq: FORR) Technology & Innovation North America reveals that global tech spending will reach more than
At Technology & Innovation North America, which kicked off today in Austin, Texas and digitally, Forrester analysts will unveil new research and frameworks to help future fit tech leaders take charge in fueling their organizations' future growth through the creation and execution of adaptive and resilient technology strategies. This new research includes:
- Predictions 2023: Tech Leadership. Technology companies are under distress due to capital flow reductions, higher interest rates, and fears of reduced customer demand. In 2023, tech leaders should review their vendors well in advance of upcoming renewal cycles and build contingency plans accounting for software-as-a-service (SaaS) failures, spinouts, and product retirements. There will also be an anticipated uptick of whistleblowers stepping up to hold tech leaders accountable, forcing CIOs to act. Join this keynote to discover what the future holds for tech leaders in 2023.
- The State Of Future Fit Technology Strategy, 2022. According to Forrester's latest research, companies that met customers' needs by being future fit, even in uncertain times, grew revenue 1.8 times faster than their peers. With more than
75% of business and tech professionals at future fit organizations strongly agreeing that their organizations can easily absorb major business changes, tech platforms are key to accelerating organizations' transformation and innovation journeys. Join this session to learn best practices for creating a future fit platform strategy that powers business outcomes. - A Skills-Based Talent Strategy Is Central To An Adaptive Organization. As tech leaders struggle to attract the right talent, they will need to create an adaptive organization that continuously develops and applies knowledge and skills to drive resilience. Join this session to learn how to rethink tech skills and competencies in order to build a future fit strategy that broadens the talent roster.
- The Top 10 Emerging Technologies In 2022. According to Forrester,
65% of tech professionals say their firm will increase spending on emerging technologies over the next 12 months. Future fit tech organizations are poised to see positive near-term ROI in four emerging tech categories: extended reality (XR), AI-powered TuringBots, Web3, and Zero Trust edge. Join this keynote to learn more about which emerging technologies are ready now, which are going to take some time, and which have a long way to go.
"Looking ahead, future fit tech leaders will take a pragmatic but opportunistic approach to enhance their organizations' operational resilience despite any uncertainty to outpace the long shadow of the pandemic," said Matthew Guarini, event host and VP and senior research director at Forrester. "At Technology & Innovation North America, we will unveil research and insights for tech leaders to overcome this complex landscape — turning lessons learned from difficult times into capabilities that will ensure that their organizations are more adaptive and successful long term."
Resources:
- Learn more about Forrester's 2023 Tech Leadership Predictions (client access required).
- Learn more about the tenets of a future fit tech strategy.
- Learn why tech leaders need to create an adaptive organization to drive resilience (client access required).
- Learn more about the top 10 emerging technologies tech leaders should implement, experiment with, or start watching (client access required).
- Follow @Forrester and #ForrTech for updates.
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; 70 million real-time feedback votes; and the shared wisdom of our clients.
Media Contact:
Ira Kantor
Public Relations
Forrester Research, Inc.
ikantor@forrester.com
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