After fluctuating over the past three years, global spending on IT devices – including desktop PCs, laptops, tablets, mobile phones, and printers – has surged in 2024, rising by 6% year-over-year to $735-billion, according to research from Stocklytics.com.
And this upward momentum is expected to continue, with spending set to hit an all-time high in 2025.
Stocklytics says companies and consumers worldwide are projected to invest over $805-billion in IT devices next year – $70-billion more than in 2024.
After scaling back budgets in 2022 and 2023, companies and consumers are once again prioritising IT device investments. The growing adoption of AI-driven applications, IoT devices, and hybrid work models have heightened the need for high-performance PCs, tablets, and smartphones. In 2024, these factors fueled a 6,2% rise in spending to $735,7-billion and this trend shows no signs of slowing.
According to the latest Gartner survey, 2025 is set to witness even bigger growth with total spending rising by 9,5% to an all-time high of $805,7-billion. Moreover, this represents the second-largest year-over-year growth in the past 10 years. The only time global spending on PCs, smartphones, and peripherals grew faster was in 2021 during the Covid-19 pandemic. That year alone, remote work and education drove a dramatic 38% surge pushing spending to $732-billion.
The Gartner data also shows that global spending on IT devices has increased in nine out of the last 10 years – with 2023 as the only exception. Inflationary pressures significantly dampened consumer purchasing power that year leading to a nearly 10% drop in spending. Despite this dip, the broader trend is clear. IT devices have become indispensable tools for work, education, and entertainment while demand for new, high-performance devices – driven by innovations in 5G, AI features, and online collaboration – has fueled a decade-long surge in investments.
The Gartner data also shows that the annual spending on IT devices has skyrocketed by nearly 160% over the past decade – rising from $310-billion in 2015 to a projected $805-billion in 2025.
With more than $805-billion spent on technology refreshing next year, the cumulative 10-year figure will climb to a shocking $6,1-trillion. Although that is much less compared to 10-year spending figures in other segments of the IT industry like software, communication, or IT services it still highlights the critical role IT devices play in modern life.