Global information technology (IT) spending will increase by 8% to $5.06 trillion in 2024, according to research firm Gartner.
The previous forecast, released in January, called for an increase of 6.8% (to about $5 trillion).
At the end of 2023, IT costs rose by 3.8% to $4.7 trillion.
Gartner analysts note that global spending in this area may surpass the $8 trillion mark well before the end of this decade.
Growth in data center spending is expected to accelerate to 10% this year, mainly due to plans to develop generative artificial intelligence. Meanwhile, IT services will be the largest market at nearly $1.52 trillion, the report said.
The average lifespan of cell phones is shrinking and consumers and organizations are buying new devices faster, which will push this market segment to grow in 2024 after it fell by 9% last year, experts believe.
