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Stamford, CT – August 7, 2024 – Gartner, the leading global research and advisory firm, today announced the availability of its latest research on the evolving landscape of IT spending, projecting a 6.8% increase in global IT spending to reach $5.1 trillion in 2024, up from $4.79 trillion in 2023. this growth is fueled by increased investment in generative artificial intelligence (GenAI) and cloud technologies.
The forecast,detailed in a press release issued this morning,indicates significant shifts in IT investment priorities. Spending on IT services is expected to reach $1.43 trillion, representing the largest segment of the market. Software spending is projected to increase to $633 billion, with a significant portion allocated to submission infrastructure and middleware. Infrastructure spending, including devices and data center systems, is forecast to reach $928 billion.
Gartner analysts highlight that GenAI is a key driver of this growth, with enterprises rapidly adopting and integrating these technologies into their operations. The firm predicts that GenAI will add $64 billion to the overall IT spending in 2024. Cloud spending continues its upward trajectory, projected to reach $680 billion, with cloud platform services experiencing the most significant growth.
Understanding the Long-term Trends in IT Spending
Beyond the immediate impact of GenAI,several underlying trends are shaping the future of IT spending. The ongoing digital conversion initiatives across industries are driving demand for cloud services,data analytics,and cybersecurity solutions. The need for increased agility and scalability is pushing organizations to adopt cloud-native architectures and DevOps practices.
Gartner’s research also points to a growing emphasis on sustainability in IT. Organizations are increasingly focused on reducing their carbon footprint and optimizing energy consumption in their data centers and IT operations. This trend is driving demand for energy-efficient hardware and software, as well as cloud services that offer sustainable infrastructure options.
The firm’s analysis covers five key segments: software, IT services, devices, data center systems, and enterprise IT spending. Geographically, North America and Asia-Pacific are expected to be the fastest-growing regions for IT spending. Europe, the Middle east, and africa (EMEA) are also projected to experience moderate growth.
Gartner (NYSE: IT), headquartered in Stamford, Connecticut, provides research and advisory services to over 18,000 organizations worldwide. the company employs over 2,000 research analysts and consultants,covering a wide range of industries and technology areas. Founded in 1979 by peter sondergaard, Gartner has become a trusted source of insights for business and IT leaders.
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