Small businesses to spend US$1.45tn on technology this year

According to new research, despite the difficulties posed by the economy, small and medium-sized businesses will increase their spending on technology in the year 2023 and remain optimistic.

Analysys Mason, a specialized technology consulting and research firm, projects that the post-pandemic trend toward digital transformation will cause 145 million small and medium-sized businesses (SMBs) worldwide to spend US$1.45 trillion on IT in 2023, with 40% coming from the Americas, 30% from Europe, the Middle East, and Africa, and 30% from Asia–Pacific.

This is a decrease from the 7% year-over-year growth anticipated prior to the pandemic, which represents a growth of 6.3% over 2022.The data in Analysys Mason’s SMB Technology Forecaster, which provides insights into SMB spending in 132 technology categories across 52 nations, serves as the basis for the predictions.