Worldwide IT spending will grow at a slower pace this year as consumers cut back on purchases amid inflation concerns, Gartner said in a new report on Wednesday.

Total spending is forecast to reach $4.5 trillion in 2022, an increase of 3 percent from the previous year. In the Middle East and North Africa (MENA) region, spending will reach $173 billion, up by just 1.2 percent from 2021.

"While IT spending is expected to grow in 2022, it will be at a much slower pace than 2021," Gartner said, citing that spending on devices alone will shrink by 5 percent.

"Inflation is top of mind for everyone. Central banks around the world are focusing on fighting inflation, with overall inflation rates expected to be reduced through the end of 2023," said Joh David Lovelock, Research Vice President at Gartner.

However, while consumers may be cutting back on spending, CIOs are likely to go ahead with their investment plans for this year despite inflation and currency exchange rates issues.

"The current levels of volatility being seen in both inflation and currency exchange rates is not expected to deter CIOs' investment plans," Lovelock said.

Cloud spending is forecast to grow by 22.1 percent this year, while spending on data centre systems will increase by 11.1 percent. 

Cloud consulting and implementation and cloud-managed services are likely to grow 17.2 percent, helping drive the overall IT services segment to grow by 6.2 percent.

(Writing by Cleofe Maceda; editing by Seban Scaria )

cleofe.maceda@lseg.com