IT services are expected to spend roughly $ 5,1-trillion by the end of 2024. The planned expenditure is a notable 8,5% increase from 2023’s $4,7-trillion spending, according to Stocklytics.com.
The site’s financial analyst, Edith Reads, comments: “The augmented IT spending underscores the growing emphasis on novel technologies encompassing cloud computing, cybersecurity concepts, and artificial intelligence. The escalated momentum around these technologies is attributed to the foresight of the endless opportunities they could unravel in the forthcoming years.
“Developers and IT experts envision a world where technology dominates every sphere of our lives, thus integrating seamlessly into our worldly systems. The increased spending is the first step towards attaining that dream world.”
The trillion-dollar expenditure encompasses a spectrum of essential categories. These include data services, enterprise software, devices, IT, and communication services. Allocation plans for devices such as PCs, mobiles, and laptops amount to $1,049-trillion, with communication services taking the lead. It utilises the highest funds at $1,497-trillion.