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. 2: IT Services
2022: $1.25 trillion
2023: $1.36 trillion
2024: $1.50 trillion
There are two market segments that stand well above the rest in terms of businesses’ IT spending budgets. One of these is IT services, expected to reach $1.36 trillion in sales this year, up 9.1 percent year over year.
The constant growth in IT services is largely driven by the Infrastructure as-a-Service (IaaS) market, which is projected to grow over 30 percent year over year in 2023. Gartner said, for the first time ever, price is a “key driver” of increased spend for cloud services segments, rather than just increased usage.
For 2024, spending on IT services is expected to increase again to over $1.50 trillion, which would represent an annual growth increase of 10.2 percent. Gartner predicts that spending on IT services in 2024 will narrow the gap between IT services and the top communications services market segment.
