IT services emerge as top segment in global IT industry spending: Gartner

Worldwide IT spending is expected to total $5 trillion in 2024, an increase of 6.8 per cent from 2023, according to the latest forecast by Gartner. This is down from the previous quarter’s forecast of 8 per cent growth. However, within the total IT spend, IT services have become the largest segment and are expected to grow 8.7 per cent in 2024.

Spending on IT services is expected to grow 8.7 per cent in 2024, reaching $1.5 trillion, said Gartner. This is largely due to enterprises investing in organizational efficiency and optimization projects. These investments will be crucial during this period of economic uncertainty.