BENGALURU: Worldwide IT spending is anticipated to complete $5 trillion in 2024, a rise of 8% from 2023, in accordance to the most recent forecast by tech analysis and advisory agency Gartner. This is a rise from the earlier quarter’s forecast of 6.8% progress and places worldwide IT spending on monitor to surpass $8 trillion properly earlier than the tip of the last decade.
“With spending on IT services on track to grow by 9.7% to eclipse $1.5 trillion, this category is on pace to become the largest market that Gartner tracks,” stated John-David Lovelock, distinguished VP analyst at Gartner.”Enterprises are quickly falling behind IT service firms in terms of attracting talent with key IT skill sets. This creates a greater need for investment in consulting spend compared to internal staff. We are at an inflection year for this trend, with more money being spent on consulting than internal staff for the first time.”
“We are seeing a cycle of story, plan, execution when it comes to GenAI. In 2023, enterprises were telling the story of GenAI, and in 2024, we are seeing most of them planning for eventual execution in 2025,” stated Lovelock. “Technology providers are required to be a step ahead of this cycle and are already in the execution phase. They are bringing GenAI capabilities to existing products and services, as well as to use cases being identified by their enterprise clients. There is also gold rush-level spending by service providers in markets supporting large-scale GenAI projects, such as servers and semiconductors,” stated Lovelock. (*5*)
In India, IT spending is estimated to report double-digit progress of 13.2% in 2024, totalling $138.9 billion, up from $122.6 billion in 2023.
“With spending on IT services on track to grow by 9.7% to eclipse $1.5 trillion, this category is on pace to become the largest market that Gartner tracks,” stated John-David Lovelock, distinguished VP analyst at Gartner.”Enterprises are quickly falling behind IT service firms in terms of attracting talent with key IT skill sets. This creates a greater need for investment in consulting spend compared to internal staff. We are at an inflection year for this trend, with more money being spent on consulting than internal staff for the first time.”
“We are seeing a cycle of story, plan, execution when it comes to GenAI. In 2023, enterprises were telling the story of GenAI, and in 2024, we are seeing most of them planning for eventual execution in 2025,” stated Lovelock. “Technology providers are required to be a step ahead of this cycle and are already in the execution phase. They are bringing GenAI capabilities to existing products and services, as well as to use cases being identified by their enterprise clients. There is also gold rush-level spending by service providers in markets supporting large-scale GenAI projects, such as servers and semiconductors,” stated Lovelock. (*5*)
In India, IT spending is estimated to report double-digit progress of 13.2% in 2024, totalling $138.9 billion, up from $122.6 billion in 2023.
