Global IT spending is projected to hit $5.06 trillion in 2024, marking an 8% increase from the previous year, according to the latest forecast by research and consulting firm Gartner.
This uptick, higher than the previously estimated 6.8% growth, sets the stage for worldwide IT expenditure to exceed $8 trillion well before the decade’s end.
“With spending on IT services on track to grow by 9.7% to eclipse $1.52 trillion, this category is on pace to become the largest market that Gartner tracks,” said John-David Lovelock, Distinguished VP Analyst at Gartner.
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Lovelock emphasized the growing reliance on external expertise, citing a greater need for consulting services over internal staffing, marking a pivotal shift in enterprise IT strategy.
Data center systems investment, a critical component of IT infrastructure, is expected to experience a growth spurt of 10% in 2024, attributed largely to preparations for generative AI (GenAI). Lovelock highlighted a distinct pattern of GenAI adoption, with enterprises transitioning from storytelling to planning stages, signaling imminent execution in the coming years.
Device spending is expected to rebound in 2024, reaching $688 billion, driven by a shrinking lifespan of mobile phones and the integration of GenAI capabilities into premium and basic devices.