US Businesses and Government Tech Spending Will Hit $1.5 trillion in 2018, Forrester Says
Forrester predicts that US business and government tech spending will surpass $1.5 trillion in 2018, up nearly 6 percent from 2017, Forrrester noted Dec. 21. In its newly published 2018 outlook for US industry tech budgets, Forrester reveals industries with the fastest-growing tech budgets as well as the technologies they’re choosing to invest in.
The 5.8 percent increase in US tech spending is concentrated in tech staff salaries and benefits, tech outsourcing purchases, software and tech consulting, and systems integration services. The US tech budget will grow faster than nominal GDP in 2018 due to the rising adoption of cloud solutions and an increased use of business technology.
Although US industries vary widely in terms of growth, half will have growth rates that exceed the overall US tech growth rate (5.8 percent). Ten industries will see growth of 7 percent or more in their 2018 tech budgets.
The chemicals and insurance industries will see the biggest tech budget growth in 2018, with an increase of approximately 11 percent and 10 percent, respectively. Although the retail industry will experience lower growth in its tech budgets, it is expected to dedicate 45 percent of that budget to business technology.
(For more information visit https://www.forrester.com).