The Strategist

Gartner forecasts 6.8% growth in global IT spending in 2024

01/18/2024 - 02:35

Research firm Gartner has projected that global investment on information technology (IT) will reach over $5 trillion in 2024, an increase of 6.8%.

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In October, Gartner released its prior projection, which called for growth to $5.1 trillion, an increase of 8%.

Through 2023, it is anticipated that global IT spending will rise by 3.3% to $4.68 trillion.

Although generative artificial intelligence (AI) has garnered a lot of interest in the last year, Gartner forecasts that it won't have a big effect on the increase of IT spending in the near future.

According to John-David Lovelock, research vice president at Gartner, "in 2024 organizations will invest to prepare for how to leverage generative AI, but IT spending growth will be driven by more traditional factors such as workforce and profitability, and limited by the persistence of so-called change fatigue."

For the first time, IT services will be the highest spending category this year. According to Gartner, spending on them will grow by 8.7% to $1.5 trillion. The research firm claims that, given the current state of economic uncertainty, investments in optimization and organizational efficiency improvement projects will play a major role in driving this.