{"id":54231,"date":"2023-10-20T17:14:00","date_gmt":"2023-10-20T17:14:00","guid":{"rendered":"https:\/\/www.networkworld.com\/article\/3708990\/gartner-it-spending-to-climb-8-to-51-trillion-in-2024.html#tk.rss_security"},"modified":"2023-10-20T17:14:00","modified_gmt":"2023-10-20T17:14:00","slug":"gartner-it-spending-to-climb-8-to-5-1-trillion-in-2024","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/gartner-it-spending-to-climb-8-to-5-1-trillion-in-2024\/","title":{"rendered":"Gartner: IT spending to climb 8% to $5.1 trillion in 2024"},"content":{"rendered":"
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Driven primarily by cloud and cybersecurity investments, worldwide IT spending is projected to total $5.1 trillion in 2024, an increase of 8% from 2023, according to the latest forecast from Gartner.<\/p>\n

The software and IT services segments will see double-digit growth in 2024, largely driven by cloud spending, according to Gartner.<\/p>\n

Global spending on public cloud services is forecast to increase 20.4% in 2024. The source of growth will be a combination of cloud vendors’ price increases and increased utilization, just as it was in 2023, wrote John-David Lovelock, a distinguished vice president analyst at Gartner.<\/p>\n

Cybersecurity spending is also driving growth in the software segment. Roughly 80% of CIOs reported that they plan to increase spending on cyber\/information security in 2024, according to Gartner’s 2024 CIO and Technology Executive Survey<\/a>.<\/p>\n

Other areas that will see increased investment, albeit in the single digits, include data center systems, communications and IT services, Lovelock noted.<\/p>\n

And while generative AI is the hot industry technology<\/a> of the moment, it has not yet had a material impact on IT spending, although investment in AI more broadly is supporting overall IT spending growth, Lovelock stated.<\/p>\n