Spending on software grows 7%, IT service and hardware by 5% each, while spending on telecom service stays level

Spending on IT services (the largest of the four categories) will grow by 5% to reach $2.6 trillion in 2022. Spending on software (the smallest, but most profitable, of the categories) will see the highest growth (7% to reach $1.5 trillion).
Spending on hardware increased massively in 2021; this will drop to just 5% in 2022 to $1.7 trillion; however we’ll get less ‘bang for our bucks’ as continuing supply-chain disruption increases the gap between buying and using new equipment, resulting in higher prices for all. Spending on telecom services will show no growth, remaining at $1.7 trillion despite its growing importance to keep us all connected and the roll out of 5G technology.
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