Global IT Spending to Surge 8% in 2024, Says Gartner Forecast

Gartner, an analyst firm, has predicted in its report that IT spending is going to grow by 8% in 2024. This spending will approximately be $5.06 trillion and it will be $8 trillion by 2030. In the last quarter, Gartner had predicted that the IT growth will be 6.8% this year but now they have revised it to 8%. The two major components that are going to play an important part in spending growth are Data Center Systems and Devices. The growth of Data Center Systems was 4% in 2023 but now it is going to increase up to 10% in 2024. Devices had a -9.1% growth in 2023 but now it is set to increase to 3.6% in 2024.

The reason why Data Center Systems are going to see a huge increase is probably due to incorporation of AI in the systems. John David Lovelock, who is a VP analyst at Gartner, says that in 2023, many organizations and companies were talking about imposing generative AI. We are lucky enough to see that these weren’t just the talks, because 2024 is seeing generative AI in most of the systems. Companies have planned a smooth way to impose generative AI in their systems. Even the companies which still haven’t executed AI in 2024, they are planning to do it in 2025. The tech companies which were one step ahead have already started using AI in their products and services. Their clients are also satisfied with these setups so many other companies are following suit.

Talking about Devices, John David Lovelock said that the life span of mobile phones is decreasing and that’s why people are replacing them quickly. This is the reason spending on Devices is going to be about $688 billion in 2024, compared to $664 in 2023. Now we will have to look forward to the real IT spendings at the end of this year to check whether predictions by Gartner were right or not.

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