Cloud News
Gartner: Top 5 Markets In $4.6 Trillion Tech Industry For 2023, 2024
Mark Haranas
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. 3: Software
2022: $794 billion
2023: $891 billion
2024: $1 trillion
The fastest-growing IT market segment in 2023 will be software, which will reach $891 billion this year, according to Gartner.
“The software segment will see double-digit growth this year as enterprises prioritize spending to capture competitive advantages through increased productivity, automation and other software-driven transformation initiatives,” said Gartner.
Worldwide software sales are expected to increase by 12.3 percent in 2023 compared with 2022.
Business spending on software isn’t showing any signs of slowing down next year either. In fact, Gartner predicts the software industry will grow at a faster rate than any other IT segment in 2024.
Spending on software is expected to increase over 13 percent year over year in 2024 compared with this year, surpassing over $1 trillion in spending.
