Gartner: Top 5 Markets In $4.6 Trillion Tech Industry For 2023, 2024
Here are the top five market segments that will reap the most sales in 2023 and 2024, according to new data from Gartner, as global IT spending is projected to reach $4.6 trillion this year.
From nearly $1.5 trillion in communications services revenue to $224 billion in data center systems spending, worldwide spending in the tech industry is expected to increase more than 5 percent annually in 2023.
The global IT market is projected to reach $4.6 trillion this year, up from $4.4 trillion in 2022, despite continued economic turbulence such as high inflation rates, according to IT research firm Gartner.
“Macroeconomic headwinds are not slowing digital transformation,” said John-David Lovelock, distinguished vice president analyst at Gartner, in a statement. The top five spending areas in 2023 are communications services, software, devices, data center systems and IT services, the latter of which is expected to increase by 9 percent this year.
Gartner: Tech ‘Spending Will Remain Strong’
Before breaking down the IT spending figures for 2022, 2023 and 2024 in each market segment, it’s key to note why Gartner is expecting the tech market to reap sales of $4.6 trillion this year, which would represent a 5.5 percent year-over-year growth rate.
The IT research firm said that even with tech layoffs slamming the industry in 2023, there is still a shortage of skilled IT experts, which is why markets like IT services and communications services will both well exceed $1 trillion in revenue.
“Our markets are growing really well for us,” NWN Carousel CEO Jim Sullivan told CRN. “It’s really all about solving customer challenges today because enterprises need real solutions. [Revenue] growth really takes care of itself if you deliver customer outcomes.”
In addition, Gartner said IT “spending will remain strong” even as many countries across the globe are projected to have near-flat gross domestic product growth (GDP) and high inflation in 2023. “Prioritization will be critical as CIOs look to optimize spend while using digital technology to transform the company’s value proposition, revenue and client interactions,” said Gartner’s Lovelock.
CRN breaks down Gartner’s new IT spending numbers for 2022, as well as the tech forecast spending for 2023 and 2024.