Top Reasons Why IT Budget Will Surge in 2024
It’s no surprise that IT budgets will surge in 2024! Why? Well, because we are standing on the brink of a tech revolution at present. How lucky are we to experience this huge shift?
The best part is that the marketing team at TheCodeWork recently held a survey to understand the surge in IT budget in 2024 and here we are!?
Here, we will delve into the top reasons behind this assumption (also called fact as per our resources). Furthermore, this blog will shed light on factors driving businesses to invest heavily in technology this year.
See, we know how things are evolving at an unprecedented pace, with advancements in AI, Machine learning, data analytics, Cloud computing, & more. The fact is that these technologies are no longer a luxury, but a necessity. Especially for businesses to strive in today’s market.
Moreover, the COVID-19 pandemic has highlighted the importance of digital readiness, which allows business continuity under any circumstances. Consequently, companies are recognizing the value of investing in technology, as a long-term strategy for resilient and sustainable growth.
Therefore, in 2024 we can anticipate a significant surge in the tech budget of enterprises.. Now, before you jump in to uncover the reasons behind it, let us tell you something. Whether you’re a tech enthusiast, a business leader, or simply curious about the digital future – know that TheCodeWork is there to guide you!
Growing Demand for Advanced Technologies
We’re seeing a huge demand for AI, Machine learning, Automation, and Augmented reality over the last two years. It’s a pretty exciting time, to be honest.
Businesses are using them for all sorts of operations like analyzing data, recognizing patterns, and making strategic decisions. It’s all about working smarter, not harder, right? Well, this is just the beginning.
Because nearly one-quarter of surveyed C-suite executives say that they are using advanced Gen-AI tools for work. Around 80% of businesses plan to adopt AI as a customer service solution. Well, the fact is that the demand for these technologies is rising as people realize their game-changing potential!?
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Breakdown of IT spending in 2024 & Beyond
According to Gartner’s forecast, worldwide IT spending is projected to total $5.1 trillion in 2024. There has been an 8% increase since last year! The growth is driven by investments in cloud, cybersecurity, AI, and automation, which are seen as critical for enhancing operational efficiency and bridging IT talent gaps.
Here’s a breakdown of the projected IT spending for 2024:
The software and IT services segments are expected to see double-digit growth in 2024. Global spending on public cloud services is forecast to increase 20.4% this year.
Insights: In India, the interim budget allocated a total of ?1,15,752 crore for 2024-25 for IT and telecommunications. It is 20.85% up from funds projected to be spent (revised estimates) of ?95,781 crore for 2023-24. You can check out our recent report on India’s interim budget to know more!?
The allocation of the tech budget to tech initiatives of enterprises is a strategic decision that directly impacts an organization. After all, it’s about staying ahead, pushing innovations, and making sure you are ready to take on whatever comes next.
To explore the complete factors influencing the budgets of business organizations, click here- https://thecodework.com/blog/top-reasons-why-it-budget-will-surge-in-2024/