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Global IT spending will increase by 8% to more than $5 trillion by 2024

According to research firm Gartner, global information technology (IT) spending will increase by 8% to $5.06 trillion by 2024.

The previous forecast, published in January, called for a 6.8% increase (to about $5 trillion).

By the end of 2023, IT costs rose 3.8% to $4.7 trillion.

Gartner analysts note that global spending in this area could surpass $8 trillion well before the end of this decade.

Data center spending growth is expected to accelerate to 10% this year, mainly due to plans to develop generative artificial intelligence. Meanwhile, IT services will be the largest market at nearly $1.52 trillion, the report said.

The average lifespan of mobile phones is getting shorter and consumers and organizations are buying new devices faster, meaning this market segment will grow in 2024 after falling 9% last year, experts believe.