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Worldwide IT spending set to grow 8% this year, Gartner says

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The analyst firm Gartner is predicting that worldwide IT spending will grow by 8% this year, totaling $5.06 trillion. This growth is an increase on the previous quarter’s forecast of 6.8% growth and it puts worldwide IT spending on track to pass $8 trillion by 2030.

The two segments which look set to perform best in 2024 compared to 2023 are Data Center Systems and Devices. In the case of Data Center Systems, the growth is expected to jump from 4% in 2023 to 10% in 2024. Devices will jump from -9.1% to 3.6%.

The Data Center Systems segment will increase due to the focus on generative AI. Commenting on this segment, John-David Lovelock, Distinguished VP Analyst at Gartner, said:

“We are seeing a cycle of story, plan, execution when it comes to GenAI. In 2023, enterprises were telling the story of GenAI and in 2024 we are seeing most of them planning for eventual execution in 2025. Technology providers are required to be a step ahead of this cycle and are already in the execution phase. They are bringing GenAI capabilities to existing products and services, as well as to use cases being identified by their enterprise clients.”

As for the Devices segment, Gartner said that the lifespan of mobile phones is actually decreasing and that customers globally are replacing their devices sooner. This change means that spending is due to hit $688 billion in 2024, compared to $664 billion in 2023.

It will be interesting to see the spending figures published after the year is out to see whether Gartner was right about this. With the interest rates still higher compared to before, spending on IT could miss the target if businesses are forced to keep spending tight.

Until we get the actual data next year, we should also be able to track the forecasts each quarter as the end of the year get nearer to see if forecast gets revised up or down.

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