Consecutive interest rate hikes by the Federal Reserve have kept the software industry under pressure this year. However, digital transformation across various industries, increased use of data-driven solutions, and investments in cloud-based technology should boost the industry’s prospects in the foreseeable future.
According to Gartner Inc. (IT), global IT spending is projected to hit $4.60 trillion in 2023, reflecting a 5.1% increase year-over-year. Amid this, software spending is expected to grow 11.3% year-over-year to almost $880 billion.
