Global IT spending is forecast to hit $5.06 trillion in 2024, an increase of 8% from 2023, according to new data from Gartner. The hike puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade, the research firm projects.
Spending on data center systems, in particular, is expected to see a notable jump in growth. In 2023, worldwide spending on data center systems grew 4%. In 2024, Gartner is forecasting 10% growth, in large part due to planning for generative AI, according to John-David Lovelock, distinguished vice president analyst at Gartner.
“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,” Lovelock said in a published statement. “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.”
