Worldwide IT spending to grow 6.8 in 2024, says Gartner

The worldwide IT spending to grow 6.8% in 2024, reaching a total of $5 trillion. This marks a slight downward revision from the previous quarter's forecast of 8% growth.

The revised forecast reflects a more cautious outlook for the global economy, with rising inflation and interest rates expected to dampen consumer and business spending. However, Gartner still expects IT spending to remain resilient, driven by continued investments in digital transformation initiatives.

Despite the economic headwinds, organizations are still recognizing the value of IT as a key driver of growth and efficiency," says an expert. It is expected to see continued strong demand for cloud computing, cybersecurity, and artificial intelligence solutions.

The key trends to drive IT spending growth in 2024 are:

· Cloud computing: The cloud market is expected to grow 20.7% in 2024, reaching $591.7 billion. This growth will be driven by the increasing adoption of cloud-based infrastructure and software as a service (SaaS) solutions.

· Cybersecurity: With the growing threat of cyberattacks, organizations are expected to increase their spending on cybersecurity solutions. The cybersecurity market is expected to grow 11.3% in 2024, reaching $263.3 billion.

· Artificial intelligence: AI is expected to be one of the fastest-growing areas of IT spending in 2024. The AI market is expected to grow 29.6% in 2024, reaching $622.1 billion.

· Internet of Things: The IoT market is expected to grow 18.4% in 2024, reaching $1.5 trillion. This growth will be driven by the increasing adoption of IoT devices and sensors in a variety of industries.

· Digital workplace: The digital workplace market is expected to grow 6.3% in 2024, reaching $370.7 billion. This growth will be driven by the increasing demand for collaboration tools and remote work technologies.

These are just some of the trends that Gartner expects to drive IT spending growth in 2024. Despite the economic challenges, IT spending is expected to remain resilient, as organizations continue to invest in technologies that can help them improve their efficiency and competitiveness.