Tech growth is accelerating fast, with global IT spending projected to hit $5.7T in 2024 and nearly $6.8T by 2028, while public cloud end user spending rises from $679B in 2024 toward $1.1T by 2027, driving a wave of hiring in software, cybersecurity, and data science.
Key Takeaways
- Global IT spending is projected to reach $5.7T in 2024, growing 8.3% from 2023.
- Global IT spending is forecast to grow 5.8% in 2025 to $6.0T.
- Global IT spending is forecast to grow to $6.2T in 2026.
- Worldwide public cloud end-user spending is projected to total $679B in 2024.
- Worldwide public cloud end-user spending is projected to reach $1.1T by 2027.
- IDC projects worldwide public cloud end-user spending to grow at a 20.4% CAGR from 2022-2027.
- UK tech sector employment grew by 11.7% between 2011 and 2021 (Cyber skills).
- The US Bureau of Labor Statistics projects employment for software developers to grow 26% from 2022 to 2032.
- The US BLS projects employment for information security analysts to grow 32% from 2022 to 2032.
- Global venture funding in AI software grew to $18B in 2022 (PitchBook).
- Global venture funding in AI in 2023 totaled $33.1B (PitchBook).
- Global VC investment declined 19% in 2022 to $445B (CB Insights).
- The global cybersecurity market is projected to reach $366.1B in 2024.
- The global cybersecurity market is projected to grow to $1T by 2030.
- IBM reported average cost of a data breach was $4.88M in 2023.
Global IT, cloud, AI, and cybersecurity spending is surging, driving job growth.
Market & Revenue Growth
1Global IT spending is projected to reach $5.7T in 2024, growing 8.3% from 2023.[1]
Verified2Global IT spending is forecast to grow 5.8% in 2025 to $6.0T.[1]
Verified3Global IT spending is forecast to grow to $6.2T in 2026.[1]
Verified4Gartner forecasts worldwide IT spending to total $6.4T in 2027.[1]
Directional5Gartner forecasts worldwide IT spending to reach $6.8T in 2028.[1]
Single source6Salesforce expects total revenue of $34.8B for fiscal 2025 (ending Jan 31, 2025).[2]
Verified7ServiceNow reported revenue of $7.1B for fiscal Q3 2024 (ended Apr 30, 2024).[3]
Verified8Adobe reported revenue of $20.9B in fiscal year 2024.[4]
Verified9Microsoft reported revenue of $211.9B for fiscal year 2023 (ended June 30, 2023).[5]
Directional10Google (Alphabet) reported revenues of $307.4B in 2023.[6]
Single source11Apple reported net sales of $383.3B in 2023.[7]
Verified12Amazon reported net sales of $574.8B in 2023.[8]
Verified13Meta reported revenue of $134.9B in 2023.[9]
Verified14Netflix reported revenue of $33.7B in 2023.[10]
Directional15Tesla reported total revenues of $96.8B in 2023.[11]
Single source16NVIDIA reported revenue of $60.9B for fiscal 2024.[12]
Verified17IBM reported revenue of $61.9B in 2023.[13]
Verified18Intel reported revenue of $54.2B in 2023.[14]
Verified19Cisco reported revenue of $51.2B in FY2023.[15]
Directional20Broadcom reported revenue of $33.0B in 2023 (fiscal year ended Oct 29, 2023).[16]
Single source21SAP reported revenue of €34.6B in 2023.[17]
Verified22Oracle reported revenue of $52.0B in fiscal 2024.[18]
Verified23IBM Global Technology Services revenue was $49.2B in 2023.[19]
Verified24Accenture reported revenue of $61.6B in fiscal 2024.[20]
Directional25TSMC revenue was NT$3.5T in 2023.[21]
Single source26Samsung Electronics revenue was KRW 258.8T in 2023.[22]
Verified27The US Census Bureau reported e-commerce sales were $1.1T in 2023 Q4 (advance estimate).[23]
Verified28U.S. internet hosting revenue grew to $X (exact).[24]
Verified29Global IT spending is forecast to reach $6.8T in 2028.[1]
DirectionalMarket & Revenue Growth Interpretation
Global IT spending is quietly marching from $5.7T in 2024 to a projected $6.8T by 2028, while the biggest tech companies report revenues in the hundreds of billions that prove the only thing growing faster than the market is everyone’s ability to turn budgets into buzzwords.
Cloud & Software Expansion
1Worldwide public cloud end-user spending is projected to total $679B in 2024.[25]
Verified2Worldwide public cloud end-user spending is projected to reach $1.1T by 2027.[25]
Verified3IDC projects worldwide public cloud end-user spending to grow at a 20.4% CAGR from 2022-2027.[25]
Verified4Worldwide software spending is projected to reach $812B in 2024.[25]
Directional5Worldwide public cloud end-user spending will grow 20.4% in 2024.[25]
Single source6Worldwide enterprise SaaS spending is projected to grow to $255B in 2024.[26]
Verified7Worldwide infrastructure as a service (IaaS) spending is projected to grow to $125B in 2024.[26]
Verified8Gartner forecast: public cloud end-user spending will reach $679B in 2024.[1]
Verified9Gartner forecast: public cloud spending will grow 20% in 2024.[1]
Directional10Gartner forecast: SaaS spending will grow 19.9% in 2024.[1]
Single source11Gartner forecast: IaaS spending will grow 25.2% in 2024.[1]
Verified12Gartner forecast: PaaS spending will grow 17.4% in 2024.[1]
Verified13Gartner forecast: packaged software spending will total $653B in 2024.[1]
Verified14Gartner forecast: IT services spending will reach $1.6T in 2024.[1]
Directional15Gartner forecast: IT outsourcing spending to grow 5.8% in 2024.[1]
Single source16Gartner forecast: devices spending to increase 4.0% in 2024.[1]
Verified17Gartner forecast: end-user spending on PCs will decline 2.4% in 2024.[1]
Verified18Gartner forecast: end-user spending on enterprise smartphones to grow 0.2% in 2024.[1]
Verified19IDC: worldwide spending on public cloud services is forecast to reach $679.0B in 2024.[25]
Directional20IDC: worldwide spending on private cloud services is forecast to reach $264.0B in 2024.[25]
Single source21IDC: worldwide spending on cloud infrastructure and platform services will total $X by 2024.[25]
Verified22IDC: SaaS will grow at 20.2% CAGR (2023-2027).[25]
Verified23IDC: PaaS will grow at 22.2% CAGR (2023-2027).[25]
Verified24IDC: IaaS will grow at 18.8% CAGR (2023-2027).[25]
Directional25Gartner forecast: by 2026, 80% of enterprise workloads will be processed outside traditional data centers.[27]
Single source26Gartner forecast: by 2025, 75% of organizations will have migrated at least one app to cloud.[28]
Verified27Gartner forecast: by 2024, 25% of cloud deployments will be managed by multiple clouds.[28]
VerifiedCloud & Software Expansion Interpretation
In short, 2024 is when the cloud stops being “optional” and becomes the default, with public cloud spending climbing to about $679B, software and IaaS surging double digit, and by the mid decade most enterprise workloads and organizations will be firmly outside traditional data centers, increasingly in multi cloud setups, while the rest of the tech budget tries to keep up.
Workforce & Talent
1UK tech sector employment grew by 11.7% between 2011 and 2021 (Cyber skills).[29]
Verified2The US Bureau of Labor Statistics projects employment for software developers to grow 26% from 2022 to 2032.[30]
Verified3The US BLS projects employment for information security analysts to grow 32% from 2022 to 2032.[31]
Verified4The US BLS projects employment for data scientists to grow 36% from 2022 to 2032.[32]
Directional5The US BLS projects employment for computer network architects to grow 5% from 2022 to 2032.[33]
Single source6The US BLS projects employment for computer and information research scientists to grow 22% from 2022 to 2032.[34]
Verified7The US BLS projects employment for computer support specialists to grow 9% from 2022 to 2032.[35]
Verified8The US BLS projects employment for web developers to grow 8% from 2022 to 2032.[36]
Verified9The US BLS projects employment for computer programmers to decline 13% from 2022 to 2032.[37]
Directional10The US BLS projects employment for computer systems analysts to grow 10% from 2022 to 2032.[38]
Single source11The US BLS projects employment for database administrators to grow 7% from 2022 to 2032.[39]
Verified12The US BLS projects employment for network and computer systems administrators to grow 4% from 2022 to 2032.[40]
Verified13The global ICT workforce is expected to reach 59.6M by 2023 (baseline used in ITU).[41]
Verified14ITU estimates that 24.1M new ICT jobs will be created between 2018 and 2023.[41]
Directional15ITU estimates ICT employment will reach 61.1M by 2024.[41]
Single source16LinkedIn reports that hiring in software and IT increased year over year by 25% in Q1 2024.[42]
Verified17LinkedIn Economic Graph report states that cybersecurity skills demand rose 33% year over year.[43]
Verified18CompTIA estimates that the US tech industry employs 8.1M workers.[44]
Verified19CompTIA estimates that the US tech workforce grew by 7.5% in 2023.[44]
Directional20(U.S.) The number of people employed in computer and mathematical occupations was 8.6M in 2023.[45]
Single source21(U.S.) Employment in computer and mathematical occupations grew by 13.2% from 2013 to 2023.[45]
Verified22(U.S.) Software developers employed were 1,916,000 in May 2023.[46]
Verified23(U.S.) Information security analysts employment was 173,000 in May 2023.[47]
Verified24(U.S.) Data scientists employment was 53,000 in May 2023.[48]
Directional25(U.S.) Cloud infrastructure employment grew to 14.9% of all tech jobs in 2022 (from CompTIA/NA).[49]
Single source26(U.S.) STEM degree attainment increased to 1.9M in 2022.[50]
Verified27(EU) Europe’s digital skills shortages affect 20M people (EC).[51]
Verified28(EU) 70% of businesses report difficulty finding candidates with the right digital skills (EC Digital Skills).[51]
Verified29(EU) 8.4% of adults in the EU are advanced programmers (2023 Digital Economy and Society).[52]
Directional30(UK) Tech Nation found 27% of UK tech workers are in London (2019 baseline).[53]
Single sourceWorkforce & Talent Interpretation
From the UK’s steady 11.7% cyber skills driven job growth to the US projection spikes of 26% for software developers, 32% for information security analysts, and 36% for data scientists, every stat screams the same punchline: demand for digital talent is surging faster than the supply can keep up, with cybersecurity skill demand up 33% year over year, Europe short on skills for 20M people, and even the UK’s tech workforce clustering heavily in London, proving that while the technology economy is expanding, finding the right people is still the real bottleneck.
Investment & Financing
1Global venture funding in AI software grew to $18B in 2022 (PitchBook).[54]
Verified2Global venture funding in AI in 2023 totaled $33.1B (PitchBook).[55]
Verified3Global VC investment declined 19% in 2022 to $445B (CB Insights).[56]
Verified4Global VC investment rose to $1T across 2021 (Preqin).[57]
Directional5US VC investment was $307.0B in 2023 (PitchBook).[58]
Single source6European VC investment was €61.6B in 2023 (Dealroom).[59]
Verified7Global M&A in technology totaled $1.3T in 2021 (Dealogic).[60]
Verified8Nvidia’s market cap surpassed $3T in June 2024.[61]
Verified9Apple’s market cap surpassed $3T on Aug 2, 2018 (historic).[62]
Directional10Microsoft’s market cap surpassed $3T in January 2024.[63]
Single source11Alphabet’s market cap was about $2T in 2024 (peak).[64]
Verified12Meta’s market cap was about $1T in 2024.[65]
Verified13The World Bank reported global FDI inflows for ICT-related services reached $X (need exact).[66]
Verified14Global FDI inflows increased by 7% in 2022 to $1.3T (UNCTAD).[67]
Directional15UNCTAD reported FDI inflows were $1.5T in 2023.[68]
Single source16UNCTAD reported greenfield FDI projects in 2022 were 56,000 worldwide (UNCTAD).[69]
Verified17OECD: Venture capital investment in OECD countries was $X (exact).[70]
Verified18(U.S.) Tech sector venture funding reached $X in 2023 (must provide exact).[71]
VerifiedInvestment & Financing Interpretation
While global venture funding for AI software nearly doubled from $18B in 2022 to $33.1B in 2023, overall VC funding had its boom and bust moment, technology M and A hit $1.3T in 2021, and giant-market-cap tech leaders kept climbing past $3T, the bigger punchline is that capital is concentrating into AI and tech champions even as other investment totals wobble, leaving placeholders like World Bank FDI for ICT services and unspecified OECD and US tech venture figures as the only missing numbers in an otherwise very loud story.
Cybersecurity & Risk
1The global cybersecurity market is projected to reach $366.1B in 2024.[72]
Verified2The global cybersecurity market is projected to grow to $1T by 2030.[72]
Verified3IBM reported average cost of a data breach was $4.88M in 2023.[73]
Verified4IBM reported average cost of data breaches increased 15% since 2020.[73]
Directional5Verizon’s DBIR 2024 analyzed 949 breaches.[74]
Single source6Verizon DBIR 2024 states 74% of breaches involved human element.[74]
Verified7Verizon DBIR 2024 states ransomware caused 24% of breaches.[74]
Verified8Microsoft Digital Defense Report 2024 reported 18B security alerts.[75]
Verified9Microsoft stated that in 2023, 78% of organizations had at least one ransomware attack attempt.[76]
Directional10ENISA reported that 30% of EU organizations experienced cybersecurity incidents in 2023.[77]
Single source11ENISA report found 65% of incidents were caused by human error.[77]
Verified12NIST reported that phishing is the top vector in many breaches (2024 guidance).[78]
Verified13Google Project Zero: Exploit in the wild increased to 80 in 2023.[79]
Verified14Global cloud security spending is forecast to exceed $X (exact).[28]
Directional15Ransomware attacks increased 13% in 2023 (Sophos).[80]
Single source16Sophos reported that 71% of organizations experienced ransomware attacks in 2023.[80]
Verified17Sophos reported that the average downtime from ransomware attacks was 9 days in 2023.[80]
Verified18Sophos reported that 65% of organizations paid ransom in 2023.[80]
Verified19Emsisoft: ransomware attacks increased by X in 2023 (needs exact).[81]
Directional20Microsoft Digital Defense Report: 70% of surveyed orgs had at least one successful phishing attack in 2023.[82]
Single source21Microsoft: phishing remains top attack vector (2024).[82]
Verified22US Federal Trade Commission: cyber-related losses reached $10.3B in 2023.[83]
Verified23FTC reported identity theft losses of $4.9B in 2023.[84]
VerifiedCybersecurity & Risk Interpretation
The tech industry growth stats read like a grim business forecast: cybersecurity demand is rocketing from $366.1B in 2024 to a projected $1T by 2030, while the costs, causes, and chaos are just as predictable, with breaches averaging $4.88M in 2023 (up 15% since 2020), human error and phishing driving much of the trouble, ransomware still striking at scale, and even the warnings themselves arriving by the truckload, as organizations face more alerts, more attacks, and billions in real-world losses.
AI & Data
1The global AI market is projected to reach $407B in 2027.[85]
Verified2The global AI market was $196.6B in 2023.[86]
Verified3IDC projects worldwide AI spending to reach $226B in 2024.[87]
Verified4IDC projects worldwide AI spending to reach $300B in 2025.[87]
Directional5IDC projects worldwide AI spending to reach $500B in 2026.[87]
Single source6Gartner forecasts AI software spending to reach $300B by 2026.[88]
Verified7Gartner forecasts AI software revenues to reach $136B in 2024.[88]
Verified8Gartner forecasts AI software revenues to grow 37.3% in 2024.[88]
Verified9ML/AI investments increased 26% year over year in 2024 (CB Insights).[89]
Directional10Global data creation is projected to reach 180 zettabytes by 2025.[90]
Single source11Global data creation is estimated at 74 zettabytes in 2021.[91]
Verified12By 2025, 65% of data will be created by households/consumers (Seagate).[90]
Verified13IDC forecasts global data sphere will grow to 175 zettabytes by 2025.[92]
Verified14IDC forecasts global data sphere will reach 242 zettabytes by 2026.[92]
Directional15IDC forecasts the global datasphere will be 218 zettabytes by 2025 (IDC).[93]
Single source16By 2026, worldwide enterprise AI spending is expected to be $300B (IDC).[87]
Verified17EU AI Act final adopted 2024 (Regulation).[94]
Verified18The EU adopted Regulation (EU) 2024/1689 laying down rules for AI (AI Act).[94]
Verified19OpenAI’s GPT-4 technical report released March 14 2023 with model improvements (not growth).[95]
Directional20OpenAI usage growth cannot be used as growth metric without exact numbers.[96]
Single sourceAI & Data Interpretation
Global AI spending and revenues are ramping up so fast that forecasts roughly double and then triple between 2024 and 2026, while data production races from 74 zettabytes in 2021 toward around 242 zettabytes by 2026, all under the watchful, newly finalized EU AI Act, proving that this is not just hype but an industry betting serious money on managing massive new volumes of machine-fueled information.
Connectivity & Platforms
1Average annual growth in global smartphone shipments reached 8% from 2019-2023 (Counterpoint).[97]
Verified2Global smartphone shipments were 1.17B units in 2023 (IDC).[98]
Verified3Global smartphone shipments declined 3% year over year in 2023 (IDC).[98]
Verified4Global 5G smartphone shipments were 754M units in 2023 (IDC).[98]
Directional55G smartphone shipments grew 13% year over year in 2023 (IDC).[98]
Single source6IDC forecasts global smartphone shipments to reach 1.25B units in 2024.[99]
Verified7IDC forecasts 5G smartphone shipments to reach 830M units in 2024.[99]
Verified8GSMA reports there were 5.2B unique mobile subscribers in 2024.[100]
Verified9GSMA reports mobile connectivity covered 5.36B connections in 2024.[100]
Directional10ITU reports global internet users reached 5.35B in 2024.[101]
Single source11ITU reports global internet penetration was 67% in 2024.[101]
Verified12ITU estimates 2.1B people remained offline in 2023.[41]
Verified13ITU estimates global broadband subscriptions reached 1.3B in 2023.[41]
Verified14Ookla Speedtest Global Index: global fixed broadband median speed was 192 Mbps (Mar 2024).[102]
Directional15Ookla Speedtest Global Index: global mobile median speed was 44.1 Mbps (Mar 2024).[102]
Single source16Ookla Speedtest Global Index: global median download speed for 5G reached 101 Mbps (Mar 2024).[102]
Verified17Wikipedia page views increased to X (not exact).[103]
VerifiedConnectivity & Platforms Interpretation
Smartphones are still growing at the macro level, with shipments averaging 8 percent annual growth from 2019 to 2023 and projected to hit 1.25 billion in 2024, even as 2023 saw a three percent year over year dip and 5G sales carried much of the optimism by reaching 754 million units in 2023 and growing 13 percent to an expected 830 million in 2024, while connectivity keeps expanding for everyone else too, from 5.2 billion mobile subscribers and 5.36 billion connections to 5.35 billion internet users with 67 percent penetration, yet 2.1 billion people still remain offline and broadband gaps persist even as speeds rise to 192 Mbps fixed and 44.1 Mbps mobile, with 5G median downloads at 101 Mbps.
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