Five trends in government contracting for FY 2023
Source: BGov
From FY 2021 to FY 2022, government contract spending rose by about $50 billion, with a few key areas of growth driving the increase. FY 2022 surpassed $700 billion, with boosts from the R&D market, IT, federal infrastructure spending, and support for the war in Ukraine. Bloomberg Government analysts predict these five federal contracting trends for 2023:
1. Cutting-edge technology needed as threats increase
Vendors will need to help the U.S. defense and national security sectors achieve improved hacking-resistant encryption. Quantum technology could decrypt files in a matter of minutes, leaving essential information vulnerable to hackers. A new law requires federal agencies to strengthen protection of IT that would be vulnerable to attacks powered by faster computers than currently used. Companies working on efforts to improve quantum cybersecurity in the U.S. worry about restrictions on overseas collaborations—the restrictions are meant to keep U.S. tech from helping the Chinese government crack the quantum code, but may hamper encryption and decryption advances here.”
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