Gartner: IT spending to climb 8% to $5.1 trillion in 2024

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.

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

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.

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.

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