Gartner has predicted that IT spend will reach $1.1 trillion in 2024, expected to be fuelled
by the investment into cloud security and infrastructure as a service (IaaS) which will prompt an increase in overall expenditure on IT services across Europe.
The research has predicted that there will be a 9.3% increase on a projected total of $1 trillion this year on IT spending with cloud computing being a large contributor as IaaS, for example, is expected to surge 27% across 2024.
CIOs focus is said to be on artificial intelligence and generative AI which is also contributing to the drive in cloud spending as AI-related security risks are driving spending on both the integration of the technology along with underpinning safeguards.
The consultancy has said that this underlines shifting priorities among businesses during a period of economic uncertainty as businesses prepare themselves for the future while spending on other areas such as security and risk management are projected to reach around $56 billion, marking an increase of 16% compared to 2023.
In a separate forecast, Gartner predicted that end-user spending on public cloud services will reach $678.8 billion, surging by 20.4% across 2024.
