New Delhi [India]: Worldwide IT spending is expected to total US$5.06 trillion in 2024, an increase of 8 percent from 2023, according to the latest forecast from advisory and consultancy firm Gartner. This is an increase from last quarter's forecast of 6.8. percent growth and is on track to exceed US$8 trillion worldwide IT spending before the end of the current decade. Gartner's IT spending forecasting methodology relies on analysis of sales from more than a thousand vendors across the full range of IT products and services. “With spending on IT services growing 9.7 percent to US$1.52 trillion, this category is on pace to become the largest market Gartner tracks,” said John-David Lovelock, distinguished VP analyst at Gartner.“Lagging behind IT services firms in terms of attracting talent with key IT skill sets creates a greater need for investment in consulting spend than in internal staffing. We are in a pivotal year for this trend, as internal More money is being spent on consulting than first-time staff." Additionally, spending on data center systems is expected to see significant growth from 2023 (4 percent) to 2024 (10 percent), largely due to planning for generative AI “We're seeing a cycle of storytelling, planning, and Execution When it comes to GenAI, in 2023, enterprises were telling the GenAI story and in 2024 we are seeing most of them planning for final execution in 2025,” Lovelock said. “Technology providers need to be one step ahead of this cycle and are already in the execution phase. They are bringing GenAI capabilities to existing products and services, as well as use cases being identified by their enterprise customers. Are.In 2024, AI servers will account for nearly 60 percent of hyperscalers' Tota server spend. The average lifespan of mobile phones is getting shorter and consumers and enterprises are changing mobile phones earlier. This change allows device spending to reach USD 688 billion during 2024, which is below the USD minimum spend in 2023. 664 billion, which would represent a growth rate of 3.6 percent.