CIOs and IT leaders must take action to accelerate time to value and drive top- and bottom-line enterprise growth from digital investments, according to Gartner, Inc.’s annual global survey of CIOs and technology executives. The survey gathered data from 2,203 CIO respondents in 81 countries and all major industries, representing approximately $15 trillion in revenue/public-sector budgets and $322 billion in IT spending.

Worldwide IT spending is projected to total $4.5 trillion in 2022, an increase of 5.1% from 2021, according to the latest forecast by Gartner, Inc.

Despite the potential impacts of the Omicron variant, economic recovery with high expectations for digital market prosperity will continue to boost technology investments. “2022 is the year that the future returns for the CIO,” said John-David Lovelock, distinguished research vice president at Gartner.

Worldwide IT spending is projected to total $3.9 trillion in 2021, an increase of 6.2% from 2020, according to the latest forecast by Gartner, Inc. Worldwide IT spending declined 3.2% in 2020 as CIOs prioritized spending on technology and services that were deemed “mission-critical” during the initial stages of the pandemic.

As the COVID-19 pandemic continues to shift the landscape for how global CIOs manage, collaborate and respond to their stakeholders, so too does the demand for strong leadership and core emotional dexterity competencies.

As the COVID-19 pandemic unfolded, CIOs faced epic challenges and the road to recovery stretches ahead. For many business leaders, recovery isn't just a return to their former state, but a top to bottom rethinking of what business they need to be in, and how they must be run.

IT spending is forecast to contract across all categories and regions in 2020. While businesses in most industries have begun to reopen, pandemic mitigation measures have created financial burdens, with the transportation, manufacturing and natural resources industries the most severely impacted.

In an era of continuous change, a proactive and adaptive culture is a critical asset and CIOs will play a key role in establishing the right mindsets and practices. Gartner, Inc. predicts that by 2021, CIOs will be as responsible for culture change as chief HR officers (CHROs).