Periods of uncertainty often bring about great change. While economic downturns may introduce big challenges, they can actually provide great opportunities for businesses that can adapt to seize the moment.
Every year, SWZD publishes the State of IT report to provide B2B marketers actionable insights to get ahead of tech industry trends. In June 2022, we surveyed 1,400+ IT professionals around the world to get in-depth data on changes in corporate IT budget plans and shifts in IT buyer behavior.
Read on to explore current trends from the North American and European portion of our study, including key takeaways and recommended steps for marketing success (even in a recessionary environment).
Forecast for 2023: Tech Spending Plans Up, Despite Recession Fears
Our recent research tells a tale of two economic realities.
On one hand, amid historic inflation, 83% of businesses are concerned that a recession is coming soon. As a result, many companies are actively trimming unnecessary expenses to prepare for leaner times.
On the other hand, businesses plan to spend more on technology in the coming year, even as they cut back in other areas. Among survey respondents, IT budgets are expected to grow by 13% in 2023, with a median increase of 5% at a company level.
Very few businesses will reduce tech spending levels in 2023: Only 6% plan to decrease 2023 IT budgets (vs. 51% increasing and 38% maintaining).
