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.
No. 4: Devices
2022: $717 billion
2023: $684 billion
2024: $759 billion
The device market is the only IT segment on Gartner’s list that will see a decrease in spending in 2023 compared with 2022. However, device sales are expected to bounce back in 2024.
Spending on IT devices will decline by 4.6 percent this year to $684 billion, down from $717 billion in 2022. This drop in sales is much less than the 10.7 percent decline year over year in device sales in 2022 compared with 2021.
Gartner said it expects the devices market to decline in 2023 “as consumers defer device purchases due to declining purchasing power and a lack of incentive to buy.”
However, it is key to note that the device industry will return to positive growth in 2024. Gartner expects device spending to increase by 11 percent year over year in 2024 to $759 billion.