IT Spending Worldwide to Increase 8 Percent Next Year, Generative AI Lags Behind
The post IT Spending Worldwide to Increase 8 Percent Next Year, Generative AI Lags Behind appeared on BitcoinEthereumNews.com. TLDR Global IT spending set to rise by 8% in 2024, defying economic concerns, driven by software, IT services, and cloud adoption. Generative AI fails to impact IT budgets significantly, while broader AI and cybersecurity investments gain momentum. Change fatigue’ delays IT spending, pushing projects into 2024, as organizations prioritize efficiency, automation, and cybersecurity. Despite lingering concerns about the state of the global economy, a recent forecast from Gartner, a renowned analyst house, paints a positive picture for the IT industry in 2024. According to the “Market Databook, 3Q23 Update” by Gartner, global IT spending is projected to reach an impressive $5.1 trillion in 2024, representing an 8 percent increase from the previous year. This promising outlook follows a 4.3 percent rise in IT spending witnessed in 2023, as the world continued its recovery from the COVID-19 pandemic. Generative AI’s unexpected lag One of the most intriguing aspects of Gartner’s forecast is the conspicuous absence of generative AI (GenAI) from the spotlight. Despite capturing numerous headlines in recent years, GenAI has yet to make a significant impact on IT spending. Instead, Gartner’s research indicates that investment in AI, in a broader sense, is the driving force behind the overall growth in IT spending. John-David Lovelock, Distinguished VP Analyst at Gartner, explained, “In 2023 and 2024, very little IT spending will be tied to GenAI. However, organizations are continuing to invest in AI and automation to increase operational efficiency and bridge IT talent gaps. The hype around GenAI is supporting this trend, as CIOs recognize that today’s AI projects will be instrumental in developing an AI strategy and story before GenAI becomes part of their IT budgets starting in 2025.” Breaking down the spending Gartner’s forecast highlights the key areas expected to experience the most substantial growth in IT spending in…
The post IT Spending Worldwide to Increase 8 Percent Next Year, Generative AI Lags Behind appeared on BitcoinEthereumNews.com.
TLDR Global IT spending set to rise by 8% in 2024, defying economic concerns, driven by software, IT services, and cloud adoption. Generative AI fails to impact IT budgets significantly, while broader AI and cybersecurity investments gain momentum. Change fatigue’ delays IT spending, pushing projects into 2024, as organizations prioritize efficiency, automation, and cybersecurity. Despite lingering concerns about the state of the global economy, a recent forecast from Gartner, a renowned analyst house, paints a positive picture for the IT industry in 2024. According to the “Market Databook, 3Q23 Update” by Gartner, global IT spending is projected to reach an impressive $5.1 trillion in 2024, representing an 8 percent increase from the previous year. This promising outlook follows a 4.3 percent rise in IT spending witnessed in 2023, as the world continued its recovery from the COVID-19 pandemic. Generative AI’s unexpected lag One of the most intriguing aspects of Gartner’s forecast is the conspicuous absence of generative AI (GenAI) from the spotlight. Despite capturing numerous headlines in recent years, GenAI has yet to make a significant impact on IT spending. Instead, Gartner’s research indicates that investment in AI, in a broader sense, is the driving force behind the overall growth in IT spending. John-David Lovelock, Distinguished VP Analyst at Gartner, explained, “In 2023 and 2024, very little IT spending will be tied to GenAI. However, organizations are continuing to invest in AI and automation to increase operational efficiency and bridge IT talent gaps. The hype around GenAI is supporting this trend, as CIOs recognize that today’s AI projects will be instrumental in developing an AI strategy and story before GenAI becomes part of their IT budgets starting in 2025.” Breaking down the spending Gartner’s forecast highlights the key areas expected to experience the most substantial growth in IT spending in…
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