IDC projects that the worldwide IT and business services revenue will grow from $1.13 trillion in 2022 to $1.2 trillion in 2023, representing a 5.7% year-over-year growth in constant currency.
The five-year compound annual growth rate (CAGR) is projected to be 5.2%, an increase from the previous forecast of 4.9%. The growth is attributed to stronger-than-expected vendor performance, increased government funding, growth indicators from adjacent markets, and inflation impacts. The US market’s growth was adjusted upward, while Europe, the Middle East, and Africa’s growth were adjusted downward. The Asia/Pacific region’s growth outlook was adjusted upward, mainly driven by an improved economic outlook and foreign capital inflow.
