The investment in technology in Spain will exceed 64,000 million dollars in 2023, according to the forecasts of the IDC consultancy. In addition, IT spending in Spain will continue to rise until it exceeds 74,000 million dollars in 2026. It will grow steadily, although the compound annual growth rate of the sector in Spain, which will be 4.7% in the period between 2021 and 2026, it will be below the European average, which will be 5.4%.
Despite the macroeconomic situation and business uncertainty, due to the Russian invasion of Ukraine, investment in technology will continue, with the consumer, banking and professional services sectors leading the way.
In Spain, the GDP is going to grow by 1.5% in 2023, and despite the situation, its economy is one of the most resistant to the situation, since its growth rate significantly exceeds the European average (0. 6%). In addition, the country is one of the largest beneficiaries of the EU’s Next Generation funds, which support economic growth, investments in technology and recovery after the pandemic.
However, energy prices remain high, as are inflation and the prices of food and other basic products. This affects both consumer purchases and company technology budgets. However, inflation has reduced its growth in March, which for analysts is a positive sign. According to Zsolt Simon, IDC Analystin Spain “Great transformations have taken place in all economic sectors of the country. New technologies and use cases have emerged to address new challenges, and companies need carefully considered strategies to remain competitive and deliver value for their customers.”.
The focus of these investments has been shifting to technologies capable of sustaining growth by reducing costs, improving performance, optimizing processes and improving the customer experience. Artificial Intelligence is one of the areas in which investment will grow the fastest, due among other things to its capabilities to improve the customer and employee experience, and also because of its possibilities to mitigate the shortage of profiles with sufficient skills. digital.
So, investment in Spain in Artificial Intelligence platformsincluding AI software services, AI lifecycle software, and intelligent knowledge discovery software, will grow at a rate annual 42.4% between 2021 and 2026.
The sector driving this growth in AI spending the most will be insurance, with price optimization and fraud detection among the top use cases for insurance companies. The implementation of conversational Artificial Intelligence will also be relevant to improve the customer experience.
In addition to AI, another area of great importance in terms of investment in technology in Spain will be security. Especially in software, whose spending will rise by 13% between 2021 and 2026. The sector that will invest the most in this area in the aforementioned period will be telecommunications.