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Tech talent shortages
There have been reports of tech talent shortages continuing amidst layoffs in some industries. While the COVID-19 pandemic has led to significant job losses in certain sectors, the demand for skilled workers in technology-related fields remains high.
Even as layoffs continue to impact the tech industry at large, there is still a critical shortage of skilled IT labour. The demand for tech talent greatly outstrips the supply, which will continue until at least 2026 based on forecast IT spend.
Tech layoffs do not mean that the IT talent shortage is over. IT spending on internal services is slowing in all industries, and enterprises are not keeping up with wage rate increases. As a result, enterprises will spend more money to retain fewer staff and will turn to IT services firms to fill in the gaps.”
This is due to several factors, including the continued growth of the tech industry, the rapid pace of technological innovation, and the increasing importance of digital transformation in businesses across all sectors. As a result, employers are often struggling to fill roles that require specialized technical skills, such as software development, data analytics, and cybersecurity.
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IT Spending to Grow 2.4% in 2023
Consumers and enterprises are facing very different economic realities. While inflation is devastating consumer markets, contributing to layoffs at B2C companies, enterprises continue to increase spending on #digitalbusiness initiatives despite the world economic slowdown.
A turbulent economy has changed the context of business decisions and can cause CIOs to become more hesitant, delay decisions or reorder priorities. We’ve seen this in action with the reshuffling taking place among some B2B companies, especially those that overinvested in growth. However, IT budgets are not driving these shifts, and IT spending remains recession-proof.
The software and #ITservices segments are projected to grow 9.3% and 5.5% in 2023, respectively. The devices segment is forecast to decline 5.1% this year as both consumers and enterprises lengthen device refresh cycles.
During the height of the pandemic, employees and consumers had technology refreshes of tablets, laptops and mobile phones due to remote work and education,” said John David Lovelock, an Analyst at Gartner. “Without a compelling reason for an upgrade, device assets are being used longer and the market is suffering.
In India, IT spending is estimated to grow 0.5% in 2023, totalling $110.3 billion, up from $109.7 billion in 2022.
Job vacancy rates have been increasing every quarter and the open jobs per unemployed rate is at record lows in many countries. High competition for talent is challenging CIOs to hire skilled IT staff, limiting growth for companies who struggle to scale without the requisite talent.
Simultaneously as software spend continues to rise, the IT services market is growing as companies look to bring in outside IT staff for implementation and support. For example, spending on consulting is expected to reach $264.9 billion in 2023, a 6.7% increase from 2022.
With the growing trend, CIOs are losing the competition for talent. IT services spBy VARINDIA | 33 views
IT Spending Predictions for 2021 to Boost Tech Companies Morale
Digital transformation is on a fast-track as IT spending has increased due to Covid-19. Even before the pandemic, most businesses realised the importance of digital and online models and had made decent progress to keep business agile and address larger markets. Pandemic reinforced the importance of technology investments to extend flexibility in different lockdown scenarios including Work from Anywhere. Most IT firms focused around empowering secured digital business did well despite India’s GDP posting negative growth; few companies have also shown a double digit growth for Fiscal year 21.
Forward looking companies did a lot of saving around business travel and office expenses during pandemic most of which was invested around securely extending business apps to all stakeholders, strengthening authentication and end point security, ensuring optimal app performance for Work From Anywhere scenarios and securing endpoint data. Business continuity was another key focus area with investment in hybrid cloud models for bursting in and out of multi-clouds from private and seamlessly managing it remotely. With rapid recovery during the 2nd half of Fy21 and India poised for the fastest GDP growth for Fy22, all hopes are on the growth opportunities for the IT fraternity focused around services and solutions to empower business to power safe, secure and scalable digitisation of business. We expect relevant IT to grow at 2X of GDP which would be around 26% for Fy22.
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IT Spending Predictions for 2021 to Boost Tech Companies MoraleBy VARINDIA | 20 views
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Best XI for the second week of Cricket World Cup 2023 | Best performers of ODI World Cup 2023
Best XI for the second week of Cricket World Cup 2023 | Best performers of ODI World Cup 2023
Check here the top performers of the second week of ODI World Cup 2023. Here are the top players who have given their best to ensure their teams win the World Cup
This content contains the Best players from the second week of the world cup 2023.
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Best XI for the second week of Cricket World Cup 2023 | Best performers of ODI World Cup 2023By CricTracker | 503 views
न्यूयॉर्क की सड़कों पर मुस्लिमों ने सड़क जाम कर पढ़ी नमाज... || SudarshanNews
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न्यूयॉर्क की सड़कों पर मुस्लिमों ने सड़क जाम कर पढ़ी नमाज... || SudarshanNewsBy Sudarshan News | 365 views
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Press Conference by Union Minister of Jal Shakti Shri Gajendra Singh Shekhawat at BJP HQ.
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Press Conference by Union Minister of Jal Shakti Shri Gajendra Singh Shekhawat at BJP HQ.By Bharatiya Janata Party Delhi | 74099 views
Launch of Gujarat Election Campaign in Ahmedabad
Launch of Gujarat Election Campaign in Ahmedabad.
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Launch of Gujarat Election Campaign in AhmedabadBy Indian National Congress | 170612 views
You Become What You Think | Change Your Thought Change Your Life
Welcome to our latest video, "You Become What You Think" In this inspiring journey, we delve into the powerful philosophy that our thoughts shape our reality. Through a series of enlightening stories, expert interviews, and practical tips, we explore how positive thinking can transform your life.
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हमारे नवीनतम वीडियो "आप वही बनते हैं जो आप सोचते हैं" में आपका स्वागत है! ????इस प्रेरणादायक यात्रा में, हम उस शक्तिशाली दर्शन की गहराई में जाते हैं कि हमारे विचार हमारी वास्तविकता को आकार देते हैं। प्रेरक कहानियों, विशेषज्ञों के साक्षात्कार, और व्यावहारिक सुझावों के माध्यम से, हम यह खोजते हैं कि सकारात्मक सोच कैसे आपके जीवन को परिवर्तित कर सकती है।
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संबुद्ध सद्गुरु साक्षी श्री आपके जीवन की प्रमुख समस्याओं को बिना बताए स्वयं ही लिख देतेBy Sadguru Sakshi Ram Kripal Ji | 336 views
Soniya Bansal slams Isha Malviya’s relationship with Abhishek-Samarth & Vicky Jain’s toxic behaviour
Soniya Bansal, the first contestant to get eliminated from Salman Khan’s Bigg Boss 17, recently sat down for a candid conversation with Bollywood Bubble host Rashita Sahni. The actress slammed Isha Malviya for sharing her bed with ex-boyfriend Abhishek Kumar despite being in a relationship with Samarth Jurel. She called out Mannara Chopra for using sisters Priyanka Chopra & Parineeti Chopra to get fame outside the BB house. Soniya also spoke about Munawar Faruqui’s inappropriate touch, Vicky Jain’s toxic behaviour towards wife Ankita Lokhande and Salman Khan’s biased behaviour on Weekend Ka Vaar. Watch the full interview here!
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Soniya Bansal slams Isha Malviya’s relationship with Abhishek-Samarth & Vicky Jain’s toxic behaviourBy Bollywood Bubble | 420 views
Isha Malviya’s boyfriend Samarth Jurel exposes her ex Abhishek Kumar & his violence | Bigg Boss 17
On Bigg Boss 17 we have seen the fastest wild card entries and these would only cause lots of fireworks on the show. Now as Samarth Jurel, who is Isha Malviya's boyfriend, enters the BB17 house as a contestant, he spoke to Bollywood Bubble's host Nawaz Kochra. From exposing the violence Abhishek Kumar inflicted on Isha to sharing how Isha's ex used to slap her and cause her harm. He even confirmed their relationship and shared how seeing Isha getting close to Abhishek left him heartbroken. Commenting on Isha being Ankita Lokhande's shadow, Samarth also explained how his entry will change the dynamics on the show. Watch this explosive interview here!
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Isha Malviya’s boyfriend Samarth Jurel exposes her ex Abhishek Kumar & his violence | Bigg Boss 17By Bollywood Bubble | 409 views