IT Spending Market Report 2024 (Global Edition)

Global IT Spending Market Report 2024 Market Size Split by Type (IT services, Hardware, Software), by Application (Banking financial services and insurance (BFSI), Telecom, Retail, Healthcare, Energy ...

IT Spending Market Report Description

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Competitive Landscape of the IT Spending Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

IT Spending Industry News

In November 2023, According to Gartner's most recent prediction, India's information technology (IT) investment is expected to expand by 10.7% from 2023 to $124.6 billion in 2024. 

(Source:https://www.business-standard.com/industry/news/india-s-it-spend-to-reach-124-6-billion-in-2024-up-10-7-gartner-123112800589_1.html)

In October 2023, according to Gartner, the global it spending is expected to increase by 8% in 2024, with solution providers considering the economy.

(Source: https://www.crn.com/news/cloud/global-it-spending-forecast-to-grow-8-percent-in-2024-solution-providers-weigh-in-on-economy?itc=refresh)

Top Companies Market Share in IT Spending Industry: (In no particular order of Rank)

• CloudBolt Software
• CA Technologies
• Cisco Systems
• Scalr
• BMC Software
• Dell EMC
• Embotics
• Red Hat
• ServiceNow
• Splunk
• Micro Focus
• HPE
• Convirture
• GigaSpaces Technologies
• Adaptive Computing
• Accenture
• Zimory
• CSC
• VMware
• RightScale
• Egenera
• IBM
• Oracle
• Citrix Systems
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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In terms of revenue, the North America IT Spending Market share was 40% of the total market

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. New developments in the industry may present the country with a chance to benefit from significant increase in onshore and offshore service revenues. The IT spending landscape is changing quickly due to a variety of variables, including political unrest, global economic conditions, and technology breakthroughs. Spending on IT is still consistent, particularly when it comes to servers, storage, software, and services. Moreover, to close the talent gap in IT and increase operational efficiency, organisations are investing in automation and artificial intelligence which is projected to drive the market expansion in the coming years. Investments in cloud, cybersecurity, AI, and automation are the main causes of this rise, since they are thought to be essential for improving operational effectiveness and closing the skills gap in IT.

The Asia Pacific region is witnessing as the cloud expenditure will drive double-digit growth in the software and IT services segments. Spending on public cloud services is anticipated to rise as a result of rising prices from cloud vendors as well as rising usage which is anticipated to boost the market growth during the forecast period.  Cybersecurity is yet another important factor propelling the software market's expansion. There will be an increase in investments in communications, IT services, and data centre technologies. Even if generative AI is the talk of the industry right now, increased investment in AI is driving up total IT costs.

The current report Scope analyzes IT Spending Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America IT Spending

According to Cognitive Market Research, the global IT spending market size was estimated at USD 4251.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 1700.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.4% from 2024 to 2031. Artificial Intelligence (AI) has the ability to change the workforce, accelerate productivity development, and increase investor returns. A hardware device's quick processing speed comes in handy when you want to do multiple tasks at once. As computer hardware is multiprocessing, multiple hardware devices can be used at once by the user. Depending on the needs of the user, hardware device installation and upgrades are simple in computer systems. Regional governments' efforts to achieve net-zero targets through sustainability, public-private partnership, and economic diversification are bolstered by this digitalization. 

• According to Cognitive Market Research, the US had a major share in the IT spending market with a market size of USD 1341.68 million in 2024 and is projected to grow at a CAGR of 2.2% during the forecast period due to the both software and IT services would rise significantly, with software spending.
• The Canada IT spending market had a market share of USD 204.06 million in 2024 and is projected to grow at a CAGR of 3.3% during the forecast period due to the businesses in the market are concentrating on digitising their IT infrastructure.
• The Mexico IT spending market is projected to witness growth at a CAGR of 2.9% during the forecast period with a market size of USD 154.74 million in 2024.

Europe IT Spending

According to Cognitive Market Research, with a market value of USD 4251.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 1275.36 million. Investments in automation, IoT capabilities, cloud migration, compliance enforcement, integrating AI into IT and business strategy, enhancing data management for increased revenue, and fortifying cybersecurity and risk management is anticipated to boost the market expansion during the forecast period. the growing trend of smartphone ownership among customers, the push for 5G technology, the aggressive marketing of luxury products, the availability of more affordable financing options such as buy now pay later (BNPL), and the rise in digital payment methods via smartphones. In the region, conversational AI will be integrated into enterprise applications. In order to improve customer experiences, business executives are investing in generative AI (GenAI). 

• The United Kingdom IT spending market had a market share of USD 214.26 million in 2024 and is projected to grow at a CAGR of 3.5% during the forecast period. The market players are focusing on are concentrating on agile techniques, rapid testing and refinement of AI efforts, and the removal of low-impact use cases.

• The France IT spending market is projected to witness growth at a CAGR of 1.9% during the forecast period with a market size of USD 117.33 million in 2024.
• According to Cognitive Market Research, the Germany IT spending market size was valued at USD 252.52 million in 2024 and is projected to grow at a CAGR of 2.9% during the forecast period due to the business executives are investing in generative AI (GenAI).
• The Italy IT spending market is projected to witness growth at a CAGR of 2.1% during the forecast period with a market size of USD 109.68 million in 2024.
• The Russia IT spending market is projected to witness growth at a CAGR of -1.7% during the forecast period with a market size of USD 197.68 million in 2024.
• The Spain IT spending market is projected to witness growth at a CAGR of 1.8% during the forecast period with a market size of USD 104.58 million in 2024.
• The Luxembourg IT spending market is projected to witness growth at a CAGR of 2.8% during the forecast period with a market size of USD 39.54 million in 2024.
• The Portugal IT spending market is projected to witness growth at a CAGR of 2.5% during the forecast period with a market size of USD 26.78 million in 2024.
• The Greece IT spending market is projected to witness growth at a CAGR of 3.0% during the forecast period with a market size of USD 15.30 million in 2024.
• Rest of Europe IT spending market is projected to witness growth at a CAGR of -1.4% during the forecast period with a market size of USD 197.68 million in 2024.

Asia Pacific IT Spending

According to Cognitive Market Research, the global IT spending market size was estimated at USD 4251.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 977.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. While a careful but purposeful incorporation of GenAI is anticipated in the future, organisations are now investigating the potential of GenAI for generative value messaging and coding assistance. the development of technology such as generative AI (GenAI) and business needs. the necessity of cloud services and points out that, instead of cloud models dictating business outcomes, the reverse is currently happening. The massive infrastructure needed for GenAI services means that organisations implementing them are probably going to depend on public clouds.  

• According to Cognitive Market Research, the China IT spending market size was valued at USD 440.00 million in 2024 and is projected to grow at a CAGR 5.7% during the forecast period as GenAI adoption rises, hyperscalers who meet these needs stand to gain new revenue streams. 

• The Japan IT spending market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 134.93 million in 2024.
• The India IT spending market had a market share of USD 117.33 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. The amount of money being spent on a variety of cloud service categories, including PaaS, SaaS, BPaaS, Desktop-as-a-Service (DaaS), and IaaS, is rising. 
• The South Korea IT spending market is projected to witness growth at a CAGR of 5.3% during the forecast period with a market size of USD 97.78 million in 2024.
• The Australia IT spending market is projected to witness growth at a CAGR of 5.9% during the forecast period with a market size of USD 50.84 million in 2024.
• The South East Asia IT spending market is projected to witness growth at a CAGR of 7.2% during the forecast period with a market size of USD 67.47 million in 2024.
• The Rest of Asia Pacific IT spending market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 69.42million in 2024.

South America IT Spending Market

According to Cognitive Market Research, the global IT spending market size was estimated at USD 4251.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 212.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.6% from 2024 to 2031. This growth will be aided by the adoption of GenAI, especially in industry cloud platforms where customisation of GenAI models that are suitable to a variety of industries may be necessary, hence impacting scalability and cost-effectiveness. Thus, public cloud providers can draw on strategies used for industry, sovereign, and distributed clouds, positioning themselves as partners in the responsible and customised deployment of GenAI.

• According to Cognitive Market Research, the Brazil IT spending market size was valued at USD 90.98 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period due to the ongoing use of cloud computing, the persistence of a hybrid workforce, the quick development of generative artificial intelligence (GenAI).
• The Argentina IT spending market had a market share of USD 35.71 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period due to the changing regulatory frameworks is anticipated that cloud security and data privacy would have the fastest growth rates in spending.
• The Colombia IT spending market is projected to witness growth at a CAGR of 3.4% during the forecast period with a market size of USD 18.92 million in 2024.
• The Peru IT spending market is projected to witness growth at a CAGR of 3.8% during the forecast period with a market size of USD 17.43 million in 2024.
• The Chile IT spending market is projected to witness growth at a CAGR of 3.9% during the forecast period with a market size of USD 15.30 million in 2024.
• The Rest of Latin America IT spending market is projected to witness growth at a CAGR of 2.7% during the forecast period with a market size of USD 34.22 million in 2024.

Middle East and Africa IT Spending

According to Cognitive Market Research, the global IT spending market size was estimated at USD 4251.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 36.39 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. The surge is expected to be driven by the combined spending on cloud workload protection platforms (CWPP) and cloud access security brokers software (CASB).an increase in the need for cloud-based MDR and EDR (endpoint detection and response) systems. Budgets for cybersecurity have kept rising. a more proactive approach to security that incorporates cooperation, strong automation, and threat intelligence.

• According to Cognitive Market Research, the GCC Countries IT spending market size was valued at USD 8.93 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period due to the investments in automation, IoT capabilities, cloud migration, and compliance enforcement.
• The Egypt IT spending market is projected to witness growth at a CAGR of 4.9% during the forecast period with a market size of USD 13.43 million in 2024.
• The South Africa IT spending market is projected to witness growth at a CAGR of 3.4% during the forecast period with a market size of USD 7.31 million in 2024 due to the changing regulatory frameworks is anticipated that cloud security and data privacy would have the fastest growth rates in spending.
• The Turkey IT spending market is projected to witness growth at a CAGR of 3.0% during the forecast period with a market size of USD 8.93 million in 2024.
• The Nigeria IT spending market is projected to witness growth at a CAGR of 1.1% during the forecast period with a market size of USD 1.09 million in 2024.
• The Rest of MEA IT spending market is projected to witness growth at a CAGR of 2.9% during the forecast period with a market size of USD 10.03 million in 2024.

IT Spending Market Analysis

IT Spending Market Type Segment Analysis

According to Cognitive Market Research, IT services held the major market share over the forecast period. Information and business processes are created, managed, optimised, and accessed through the usage of IT services. The abilities used to deliver the service (design, construct, run) can be used to segment the market for IT services. IT services cover a wide range of tasks including the management and enhancement of company or organisational processes through the use of information technology.

Hardware is the fastest-growing category over the forecast period. The term hardware describes the internal and exterior tools and devices that allow you to carry out important tasks including processing, input, output, storage, communication, and more. Computer hardware comes in two varieties: internal and external. Hardware is used to receive input data from the user, store it, display the results, and carry out commands from a single source. It creates an efficient channel of communication for businesses to raise their standards of operation. It helps save vast amounts of data that can be useful to the company or individual while automating the operation.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of IT Spending Industry. Request a Free Sample PDF!

IT Spending Market Application Segment Analysis

According to Cognitive Market Research, Banking financial services and insurance (BFSI) hold a prominent market share. Banks and other financial institutions must modernise their IT infrastructure and reimagine their processes in order to provide clients with personalised solutions based on data-driven insights. Evaluation for re-engineering business processes and implementing change management providing a managed application paradigm that is both scalable and adaptable in addition to personnel augmentation and encouraging project integration via a hybrid methodology is anticipated to drive the segment growth. 

Telecomm is the fastest-growing category over the forecast period. All telephone and internet service providers are under the umbrella of the telecommunications industries under the information and communication technology sector. This industry is vital to the development of mobile communications and the information society.  For computer-based data applications like broadband information services and interactive entertainment, high-speed internet connectivity is ubiquitous. For almost every industry, the telecom sector remains the hub of innovation, growth, and disruption. The Internet of Things (IoT), mobile payments, video streaming, and other major technologies are being propelled by the increasing integration of mobile devices and associated broadband access into modern society.

• Banking financial services and insurance (BFSI)
• Telecom
• Retail
• Healthcare
• Energy utilities

The above Graph is for representation purposes only. This chart does not depict actual Market share.

IT Spending Organisation Size Segment Analysis

According to Cognitive Market Research, large enterprises hold a prominent market share. In light of the digital revolution, banks and other financial institutions must modernise their IT infrastructure and reimagine their processes in order to provide clients with personalised solutions based on data-driven insights. Evaluation for re-engineering business processes and implementing change management providing a managed application in large enterprises paradigm that is both scalable and adaptable in addition to personnel augmentation encouraging project integration via a hybrid methodology is fuelling the market expansion.

Medium enterprises are the fastest-growing category over the forecast period. To advance business, having access to the appropriate medium business technology is essential. Automations assist in tracking problems so can monitor technician performance, respond promptly, and offer remote support. Having the correct medium business IT tool is essential for managing tasks such as network configuration, troubleshooting, log management, and essential up/down monitoring. 

• Small Enterprises
• Medium Enterprises
• Large Enterprises

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion