The analyst company Gartner has announced that worldwide IT spending is predicted to reach $5.1 trillion in 2024, marking an 8% increase from 2023. It said that broad AI cases are helping to support the projected spending but generative AI (GenAI) isn’t yet having a material impact on IT spending, the company said.
Commenting more on GenAI spending, John-David Lovelock, a Distinguished VP Analyst at Gartner, said:
‘In 2023 and 2024, very little IT spending will be tied to GenAI. However, organizations are continuing to invest in AI and automation to increase operational efficiency and bridge IT talent gaps. The hype around GenAI is supporting this trend, as CIOs recognize that today’s AI projects will be instrumental in developing an AI strategy and story before GenAI becomes part of their IT budgets starting in 2025.’
The sectors which are predicted to see the biggest growth in 2024 are software (13.8%) and IT services (10.4%). Gartner said these segments will grow largely due to cloud spending. Public cloud services spending is expected to grow by 20.4% in 2024.
The worst performing segments in 2024 are expected to be devices (4.8%) and communications services (3.3%). Gartner said that both consumers and businesses had been plagued by device inflation in 2022 and 2023 so experienced a fall in shipments but 2024 should see shipments rebound.
Unsurprisingly, Gartner says we will see double-digit growth across all segments of enterprise security spending next year. As more organisations go online, the chance of cyberattacks increases so spending on preventative services is due to increase so it’s important for companies to protect their user data.
It’s important to note that these predictions are just that, predictions. There is no guarantee that these figures will come to fruition but they’re interesting to have a look at anyway.
Source: Gartner
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