The IT market is set to grow by 3.5% this year, with $3.4tn, or 70%, coming from the channel, reveals Canalys data.
Regional growth projections are 3.4% for EMEA, 2.8% for North America (down from 8.5% in 2022), 4.5% for APAC, and 3% for Latin America.
Sectors poised for expansion include cyber security, cloud, software sales, and network infrastructure, while selling in sectors like servers, storage, and client devices may face challenges.
Matthew Ball, Chief Analyst at Canalys, said: “The long-term technology mega-trends will continue to drive growth opportunities for both vendors and channel partners in 2023.
“Digital transformation, cyber security, compliance, sustainability and the emergence of generative AI [artificial intelligence] will underpin IT services engagement, the adoption of new software and infrastructure refresh.”
Canalys also noted a positive shift in IT spending in the latter half of the year, with expectations for a strong market rebound now moved from late 2023 to 2024.
Both private and public sectors are forecasted to refresh technology in 2024, with IT spending expected to grow by 6.9%, surpassing a global total of $5tn.
“Delving deeper into these numbers is vital for industry leaders and decision-makers to understand the implications for their businesses and gain a greater understanding of their total addressable, serviceable available and serviceable obtainable markets,” said Ball.
