Software Spending Growth for 2023 and 2024

July 24, 2023

In the constantly changing IT landscape, software forms the backbone of businesses worldwide. The relentless progress of digital transformation and the increasing demand for innovative IT solutions have fueled the exponential growth of IT expenditures globally. In this blog, we will explore the projected increase in IT spending for 2023 and 2024, as reported in a recent study by Gartner, along with the reasons behind this trend. Additionally, we will highlight how BeSharp Experts can be your reliable partner in navigating the complex world of software licenses and contract negotiations.

The Tremendous Growth in IT Expenditures:

The projected figures for IT expenditures in 2023 and 2024 are truly astonishing – estimated to experience an increase of 13.5% and 14%, respectively, according to the latest Gartner report. These numbers indicate a significant shift in how businesses operate, invest, and leverage IT technology to achieve their goals. But what drives this massive growth?

Reasons for the Exponential Growth:

  • Digital Transformation: The global drive towards digital transformation is a crucial driving force behind the exponential growth of IT spending. Companies are rapidly embracing IT solutions based on the cloud, SaaS applications, and advanced technologies to streamline their operations, increase productivity, and deliver an outstanding customer experience.
  • Revolution in the New Way of Working: The shift to remote work, due to the pandemic, has transformed how businesses function. To effectively support remote teams, organizations are investing significantly in collaboration tools, communication platforms, and project management software.
  • Automation and Artificial Intelligence: The rise of automation and artificial intelligence has revolutionized business processes in various sectors. As companies strive for greater efficiency and data-driven decision-making, investments in software integrating these technologies are on the rise.
  • Security and Compliance Concerns: With the increasing threat of cyberattacks and stringent regulatory requirements, companies are allocating substantial resources to strengthen their cybersecurity. Investments in advanced IT security software have become a top priority to protect sensitive data.
  • Price Increases of Microsoft (Cloud) Products: Another significant reason for the exponential growth is the implemented price increases of Microsoft products, especially in the cloud. This has led to an increase in IT expenditures for companies relying on Microsoft solutions.

Why Choose BeSharp Experts?

  1. Independent Licensing Specialists: We understand that navigating through Microsoft’s licensing rules can be complex. Our team of independent licensing specialists will assess your unique needs and provide recommendations for the most cost-effective and compliant licensing solutions tailored to your business requirements.
  2. Experienced Contract Negotiators: Over the years, our experts have honed their negotiation skills, making them well-equipped to secure the best possible price and terms for your software contracts.
  3. Experience and Expertise: Our team possesses over 15 years of experience in contract negotiations and software license optimization. This extensive expertise allows us to offer you the most effective and cost-efficient strategies to maximize your software investments.