The report below gives a good overview of the Fall 2023 M&A activity in the Technology, Media and Telecom Industry Sector. According to an article published by Nasscom, as of September 2023, global tech spending was projected to grow by 10.6% YoY, up from 10.3% in April. In the Indian tech industry, revenues saw a 0.2% increase q-o-q and a 4.4% increase YoY. Similarly, selected global tech companies experienced a 1.7% q-o-q and 6.3% YoY revenue growth. However, the employee base witnessed a decline of 1.6% q-o-q. Global IT spending is expected to reach $4.7 trillion in 2023, a 4.3% increase from 2022. CIOs are reallocating budgets towards automation and efficiency technologies due to talent competition. This expenditure is projected to rise to $5.1 trillion in 2024, an 8.8% growth from 2023.
Posted by Dan Vermeire.