IT spending set to ride out wave of global economic uncertainty
Software too was buoyed by business investment. It is set to grow at 9.6 percent this year to reach $902 billion worldwide, although growth has dipped from 14.7 percent in 2021.
While inflation was a concern, it was being driven by high oil and gas prices, which local adjustments in monetary policy could not ruffle. At the same time, interest rates had yet to return to their long-term norms, Lovelock argued. “There's nothing going to happen so dramatically that a large group of people going to change their IT directions. These things are set for the long term, with deep recurrent spending requirements and very little room to fiddle at the edges. The companies that don't invest in the short term, will not be successful in the near term and may not be here in the long term. This is a transformational time.
“In 2020, companies that had the blessing of recurrent revenue, either through managed services or the cloud, saw valuation of enormous multiples on earnings. With the promise of great recurrent revenue, venture capital funds had access to virtually free money and they were throwing cash around. Now we're seeing VCs are saying it's become incredibly hard to raise money now. No, it's normal. It was really, really easy six months ago.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global PC market falls at fastest rate in 9 yearsNothing shiny about US Chromebook sales anymore, plus war in Ukraine and inflation hits EMEA shipments
Read more »
Exquisite four-bed 18th century countryside cottage with classic features on the market for £425,000This 18th century home sits on a spacious plot in a charming conservation area.
Read more »
Frustration over major changes to city's 'best market'Work to replace the tram tracks starts later this month
Read more »
Grantham park hosting Summer Market and Family Fun DayInflatables, side stall games, model tanks and more Grantham Lincolnshire
Read more »
Distinctive city property with 23 bedrooms on market for £1.5mThe building has a current gross annual rental income of £111,660
Read more »
Traders say 'unbearable' heat in Leeds market is keeping customers away'Extreme' weather warnings have been issued for later this week and traders say customers are demanding ice
Read more »