The Strategist

Gartner expects global IT spending to grow by 8% in 2024

10/20/2023 - 03:21

According to research firm Gartner, global investment in information technology (IT) will reach over $5.1 trillion in 2024, an increase of 8%.

Torkild Retved
Torkild Retved
The analysts project a 3.5% growth in IT spending to $4.69 trillion in 2023.

According to Gartner's July prediction, growth would reach $4.71 trillion in 2023 and $5.13 trillion in 2024.

Global IT spending increased by 2.9% to $4.53 trillion by the end of 2022.

IT spending hasn't changed much as generative AI (artificial intelligence) has advanced, but the AI market as a whole encourages a growth in IT spending, according to Gartner. Its experts predict that by 2025, generative AI will start to show effects on IT spending.

In 2024, the analysts anticipate double-digit growth rates in spending on software and IT services, mostly as a result of higher investments in cloud computing.

According to Gartner, investment in gadgets will start to rise again after declining in 2022 and 2023 as a result of inflation's detrimental effects on consumer and company spending.