A new report by Gartner says that global IT spending will soar by 6.8 per cent to a whopping $5 trillion this year!
In the UK, tech experts predict a massive 6.8 per cent growth in 2024 and a stunning 9.2 per cent CAGR.
The hottest markets will be cloud services, software, and infrastructure as businesses and consumers snap up the latest gadgets and gizmos.
IT services will be the biggest slice of the pie, with a huge 8.7 per cent growth in 2024, reaching $1.5 trillion. That means more consultants, more outsourcing, and more cloud computing.
Gartner’s top analyst, John-David Lovelock, says that the consumer market is already saturated with phones, laptops, tablets, and printers, but businesses are still hungry for more IT.
Lovelock says that with new technologies like cloud, AI, and edge computing, the IT market will keep growing and growing. IT services and software will be the biggest winners as they follow the IT expansion.
One segment of tech that is missing from Gartner’s enthusiasm is generative AI.
Lovelock says that generative AI will not make a big difference to IT spending shortly.
He says that CIOs have the same budget as before and must choose what to spend it on. He says they will have to cut some things to make room for generative AI.
It’s too early for most businesses to use generative AI because only some products are on the market. He says that 2023 was the hype, 2024 will be the planning, and 2025 will be the launch.
There is some money to be made this year, especially by IT services firms who can help businesses prepare for generative AI, but otherwise it will be lower key than many expect.
