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. 1: Communications Services
2022: $1.42 trillion
2023: $1.48 trillion
2024: $1.54 trillion
The No. 1 market that will see businesses pour nearly $1.5 trillion into this year is communications services. The need for communications services in the new world of hybrid work is critical for companies of all shapes and sizes across the globe.
The communications services market is expected to grow about 4 percent year over year to $1.48 trillion in 2023, making it more than double the device market and six times larger than the data center systems market this year.
Even as layoffs continue to impact the tech industry, there is still a critical shortage of skilled IT labor. The demand for tech talent greatly outweighs the supply, which will continue until at least 2026, Gartner said.
“IT spending on internal services is slowing in all industries, and enterprises are not keeping up with wage rate increases. As a result, enterprises will spend more money to retain fewer staff and will turn to IT services firms to fill in the gaps,” said Gartner’s Lovelock.
In 2024, the communications services market is projected to increase 3.8 percent year over year to $1.54 trillion.
