IT spending worldwide is projected to reach over five trillion U.S. dollars in 2024, a nearly eight percent increase on 2023 spending.
Smaller companies spending a greater share on hardware
According to the results of a survey, hardware projects account for a fifth of IT budgets across North America and Europe. Larger companies tend to allocate a smaller share of their budget to hardware projects. Companies employing between one and 99 people allocated 31 percent of the budget to hardware, compared with 29 percent in companies of five thousand people or more. This could be explained by the greater need to spend money on managed services in larger companies.
Not all companies can reduce their spending
While COVID-19 has the overall effect of reducing IT spending, not all companies will face the same experiences. Setting up employees to comfortably work from home can result in unexpected costs, as can adapting to new operational requirements. In a recent survey of IT buyers, 18 percent of the respondents said they expected their IT budgets to increase in 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.
Information technology (IT) worldwide spending from 2005 to 2024
(in billion U.S. dollars)
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Gartner. (April 17, 2024). Information technology (IT) worldwide spending from 2005 to 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved September 20, 2024, from https://www.statista.com/statistics/203935/overall-it-spending-worldwide/?ref=hackernoon.com
Gartner. "Information technology (IT) worldwide spending from 2005 to 2024 (in billion U.S. dollars)." Chart. April 17, 2024. Statista. Accessed September 20, 2024. https://www.statista.com/statistics/203935/overall-it-spending-worldwide/?ref=hackernoon.com
Gartner. (2024). Information technology (IT) worldwide spending from 2005 to 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: September 20, 2024. https://www.statista.com/statistics/203935/overall-it-spending-worldwide/?ref=hackernoon.com
Gartner. "Information Technology (It) Worldwide Spending from 2005 to 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 17 Apr 2024, https://www.statista.com/statistics/203935/overall-it-spending-worldwide/?ref=hackernoon.com
Gartner, Information technology (IT) worldwide spending from 2005 to 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/203935/overall-it-spending-worldwide/?ref=hackernoon.com (last visited September 20, 2024)
Information technology (IT) worldwide spending from 2005 to 2024 (in billion U.S. dollars) [Graph], Gartner, April 17, 2024. [Online]. Available: https://www.statista.com/statistics/203935/overall-it-spending-worldwide/?ref=hackernoon.com