The Fed’s stringent monetary policy to combat skyrocketing inflation, massive layoffs, and geopolitical concerns negatively impacted the software industry. However, with inflation finally easing, the Fed is expected to go slow with the rate hikes, which should bode well for the sector.
Moreover, overall organizational IT spending is likely to stay robust this year. According to Gartner Inc (IT), the global IT investment would hit $4.5 trillion in 2023, a 2.4% rise from 2022.
