Gartner is forecasting global IT spending to grow 8% in 2024

Planning for GenAI initiatives is helping to drive IT spending in 2024 and beyond

April 18, 2024

Global IT spending is expected to reach $5.06 trillion in 2024 which is an increase of 8% from 2023, according to the latest forecast by Gartner.

The new figures put worldwide IT spending on track to surpass $8 trillion well before the end of the decade.

Companies are expected to spend significantly more on data centres (10% in 2024 compared to 4% in 2023) which is a result of planning for generative AI.

“There is also gold rush level spending by service providers in markets supporting large scale GenAI projects, such as servers and semiconductors,” said John Lovelock, Distinguished VP Analyst at Gartner. “In 2024, AI servers will account for close to 60% of hyperscalers total server spending.”

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Source: Gartner