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Technology Trends 2024

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Technology trends

This report gives key insights into technology trends, including IT spending, growth in cloud services, semiconductor revenue by industry, and IoT forecasts. It offers clear data on market changes and future predictions in the tech world.

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Technology Trends 2024

Format: PDF | 18 pages | Region: Worldwide |  November 2024 | Delivery: Immediate

Key findings

  • Market size growth: Global IT spending was approximately $4.7 trillion in 2023, projected to reach $5 trillion by 2024.
  • Budget expectations: Most executives in North America and Europe anticipate IT budget increases for 2024, with only 4% expecting reductions.
  • Allocation trends: In 2024, hardware and software are each expected to receive 20% of IT budgets, while managed services will account for 14%.
  • Generative AI market growth: The generative AI market is forecasted to grow from $14 billion in 2020 to nearly $900 billion in 2023, with expectations of exceeding $1.3 trillion by 2032.
  • Skills gaps: In 2023, 35% identified cloud security as the leading skills gap in cybersecurity, followed by AI/ML skills at 32% and Zero Trust implementation at 29%.
  • AI tools usage: Over 56% of machine learning engineers used AI tools daily in 2023, alongside 45% of data scientists and about 35% of developers.
  • IoT device growth: The number of IoT devices is projected to grow from 15.9 billion in 2023 to over 32.1 billion by 2030, with consumer devices comprising 60% of this total in 2023.
  • Leading semiconductor company: As of June 5, 2024, Nvidia was the leading semiconductor company, boasting a market cap of $3.01 trillion.

And much more.

Number of Internet of Things (IoT) connections worldwide from 2022 to 2024, with forecasts to 2033 (in billions)

Inside the report

IT spending overview

  • IT spending worldwide from 2012 to 2024, by segment
  • IT budget change for tech companies in North America and Europe from 2020 to 2024
  • Allocation of IT budgets by segment in North American and European organizations in 2024

Revenue impact and valuation trends

  • Generative AI revenue worldwide from 2020 to 2032
  • AI chip market revenue worldwide in 2023, 2024, and 2025

Software and cloud services

  • Public cloud software as a service (SaaS) end-user spending worldwide from 2015 to 2025
  • Public cloud infrastructure as a service (IaaS) end-user spending worldwide from 2015 to 2025

Semiconductor and Internet of Things (IoT) markets

  • Semiconductor market revenue worldwide from 2020 to 2025
  • Number of IoT connections worldwide from 2022 to 2024, with forecasts to 2033

Sources

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