Last year was challenging for the software industry due to various macroeconomic headwinds, including aggressive Fed rate hikes, multi-decade high inflation, and geopolitical unrest resulting from the Russia-Ukraine war. The tech-heavy Nasdaq Composite lost more than 15.4% over the past year.
However, the overall enterprise IT spending is anticipated to remain stable this year. According to Gartner, Inc. (IT), global IT spending is expected to reach $4.50 trillion in 2023, a rise of 2.4% from 2022. Among this, software spending is expected to increase 9.3% in 2023 to about $856 billion.
