Amid a whirlwind of global IT spending surging past $5 trillion and a relentless hunger for cloud, AI, and cybersecurity skills reshaping a workforce of millions, the industry's explosive growth is not just about technology, but about the profound human and economic transformation it drives every single day.
Key Takeaways
- The global IT spending is projected to total $5.1 trillion in 2024, an 8% increase from 2023, driven by enterprise infrastructure and software investments
- Worldwide public cloud services end-user spending is expected to reach $679.4 billion in 2024, up 20.4% from 2023
- The global IT services market size was valued at $1.2 trillion in 2023 and is projected to grow to $1.5 trillion by 2028 at a CAGR of 5.8%
- The global IT industry employed 4.6 million people in 2023, with a projected addition of 1.2 million jobs by 2026
- U.S. tech unemployment rate stood at 2.2% in Q1 2024, below the national average of 3.8%
- There are over 28.7 million software developers worldwide as of 2024, expected to grow 25% by 2030
- 66% of enterprises adopted generative AI in at least one business function by early 2024
- 72% of organizations using AI/ML report improved efficiency in 2024
- Cloud adoption rate hit 94% among enterprises in 2024
- Global VC investment in IT startups reached $200 billion in 2023, with AI capturing 37%
- U.S. tech sector M&A deals totaled $250 billion in 2023, up 15% YoY
- Private equity investments in IT services hit $85 billion in 2023 globally
- Global ransomware attacks cost businesses $20 billion in 2023, projected $265 billion by 2031
- 93% of organizations faced a cyberattack in the past year as of 2024
- Average cost of a data breach hit $4.88 million globally in 2024, up 10% YoY
The global IT industry is growing rapidly with strong spending on cloud, software, and AI.
Cybersecurity & Risks
- Global ransomware attacks cost businesses $20 billion in 2023, projected $265 billion by 2031
- 93% of organizations faced a cyberattack in the past year as of 2024
- Average cost of a data breach hit $4.88 million globally in 2024, up 10% YoY
- Phishing remains top attack vector, responsible for 36% of breaches in 2023
- DDoS attacks surged 24% to 9.3 million incidents in 2023
- Supply chain attacks increased 42% in 2023, affecting 54% of orgs
- AI-powered malware detections rose 99% in 2023 to over 7 million samples
- 74% of breaches involve human element, costing $4.9 million average
- Ransomware payments averaged $1.54 million per incident in 2023
- Cloud misconfigurations caused 19% of breaches in 2023
- Mobile malware attacks up 50% to 6.5 million in 2023
- Insider threats account for 20% of data breaches, costing $16.2 million avg
- IoT vulnerabilities exploited in 30% of attacks in 2023
- Zero-day exploits used in 12% of attacks, up from 8% in 2022
- Healthcare sector saw 2,226 breaches in 2023, highest among industries
- Cryptojacking incidents doubled to 80 million in 2023
- 88% of orgs increased cyber budgets by 15% avg in 2024
- Deepfake incidents in enterprises rose 300% in 2023
- Third-party risks caused 51% of breaches in 2023
- OT cybersecurity incidents up 50% targeting critical infrastructure 2023
- Password-related breaches 81% of total hacking incidents in 2023
- Global cybercrime costs projected $10.5 trillion annually by 2025
- 62% of SMEs hit by ransomware in 2023, lacking backups
- State-sponsored attacks grew 20% targeting IT supply chains 2023
Cybersecurity & Risks Interpretation
Despite the frantic surge in cybersecurity budgets, the industry remains locked in a game of digital whack-a-mole where the moles are multiplying, learning to use power tools, and are increasingly our own employees, suppliers, and occasionally hostile nations.
Digital Transformation & Adoption
- 66% of enterprises adopted generative AI in at least one business function by early 2024
- 72% of organizations using AI/ML report improved efficiency in 2024
- Cloud adoption rate hit 94% among enterprises in 2024
- 55% of companies accelerated digital transformation post-COVID, investing $1.8 trillion annually
- IoT devices worldwide reached 16.6 billion active in 2023, projected 29.4 billion by 2030
- 89% of executives say digital transformation is a company priority in 2024
- Edge computing adoption grew to 33% of enterprises in 2024 from 12% in 2020
- 5G adoption in enterprises stands at 41% globally in 2024
- Digital twins market adoption doubled to 85% in manufacturing by 2024
- 76% of consumers expect companies to use AI for personalized experiences in 2024
- Blockchain adoption in supply chain reached 23% of enterprises in 2024
- Robotic process automation (RPA) implemented by 80% of BFSI firms in 2024
- Metaverse enterprise adoption at 25% for training and collaboration in 2024
- Zero-trust architecture adopted by 81% of cybersecurity decision-makers in 2024
- 63% of companies use low-code/no-code platforms, speeding development by 70%
- AR/VR headset shipments for enterprise use up 40% to 1.5 million units in 2024
- Sustainability tech adoption: 68% of firms use IoT for energy management in 2024
- API economy drives 83% of digital interactions in web/mobile apps by 2024
- Quantum computing pilots in enterprises rose to 32% in finance sector 2024
- Hyperautomation adoption at 38% globally, projected 70% by 2025
- 51% of organizations integrated GenAI into workflows by Q1 2024
- Digital payment adoption reached 92% in retail globally in 2024
- Predictive analytics used by 56% of marketing teams for customer insights 2024
- 70% of supply chains digitized post-2020, using blockchain and AI
- Customer data platforms adopted by 44% of enterprises for personalization 2024
- 5G private networks deployed by 28% of industrial firms in 2024
Digital Transformation & Adoption Interpretation
The industry is sprinting towards an automated, hyper-connected future, and every business function is now being told, "Innovate or become a quaint museum piece in the digital exhibit."
Investments & Funding
- Global VC investment in IT startups reached $200 billion in 2023, with AI capturing 37%
- U.S. tech sector M&A deals totaled $250 billion in 2023, up 15% YoY
- Private equity investments in IT services hit $85 billion in 2023 globally
- AI startup funding surged to $50 billion in Q1 2024 alone
- Cloud infrastructure investments by hyperscalers to exceed $200 billion in 2024
- Cybersecurity venture funding reached $8.9 billion in 2023, down 39% but rebounding
- Global R&D spending in IT sector was $1.1 trillion in 2023, led by hardware giants
- Fintech investments totaled $114 billion in 2023, with 40% in payments tech
- SaaS companies raised $75 billion in VC in 2023
- Data center capex by top 10 operators hit $50 billion in 2023, projected $70B 2024
- Edtech funding globally $10.4 billion in 2023, focused on AI learning tools
- Semiconductors investments: $50 billion government subsidies via CHIPS Act by 2024
- Healthtech VC deals raised $15.3 billion in 2023, telemedicine leading
- Green IT investments grew 20% to $25 billion in 2023 for sustainable data centers
- Quantum computing funding hit $2.35 billion in 2023 across 45 deals
- E-commerce platform investments $30 billion in 2023, API-driven
- Agritech funding $12.5 billion in 2023, IoT and AI focus
- Space tech investments reached $15 billion in 2023, satellite IT key
- Insurtech VC $7.8 billion in 2023
- Corporate venture capital in tech up 12% to $65 billion in 2023
- Late-stage VC for IT unicorns $100 billion in 2023
- Adtech investments $8.2 billion in 2023 amid privacy changes
- Logistics tech funding $25 billion in 2023, AI optimization leading
- Gaming tech VC $7 billion in 2023, metaverse pivot
- Legaltech investments $4.5 billion in 2023, AI contracts focus
Investments & Funding Interpretation
The IT industry is placing an astronomical, almost comically concentrated bet on AI to power everything from our data centers to our doctor's visits, while quietly writing colossal checks to buy, build, and bolt on everything else.
Market Size & Revenue
- The global IT spending is projected to total $5.1 trillion in 2024, an 8% increase from 2023, driven by enterprise infrastructure and software investments
- Worldwide public cloud services end-user spending is expected to reach $679.4 billion in 2024, up 20.4% from 2023
- The global IT services market size was valued at $1.2 trillion in 2023 and is projected to grow to $1.5 trillion by 2028 at a CAGR of 5.8%
- Enterprise IT spending on consulting services is forecasted to grow 7.1% in 2024 to $827.5 billion globally
- The software market worldwide is expected to generate $745.4 billion in revenue in 2024, with a CAGR of 4.87% through 2028
- Global data center spending reached $346 billion in 2023 and is set to grow at 11.2% CAGR to 2028
- IT spending in the U.S. is projected to hit $1.8 trillion in 2024, representing 35% of global IT spend
- The enterprise infrastructure software market is expected to reach $284 billion by 2027, growing at 11.7% CAGR from 2022
- Global managed services market size was $288.90 billion in 2023, projected to reach $435.33 billion by 2030 at 6.01% CAGR
- IT outsourcing market revenue worldwide is forecasted to be $592.64 billion in 2024
- The global ERP software market size was $42.88 billion in 2022 and is expected to grow to $76.96 billion by 2028 at 10.22% CAGR
- Worldwide IT spending on devices is projected at $786 billion in 2024, up 5% year-over-year
- The CRM software market size was valued at $58.60 billion in 2022 and is projected to reach $128.97 billion by 2030, growing at 10.4% CAGR
- Global colocation market revenue is expected to reach $72.12 billion by 2028 from $52.34 billion in 2023 at 6.6% CAGR
- IT services spending in Asia Pacific is forecasted to grow 9.2% in 2024 to exceed $300 billion
- The global SaaS market size was $197.11 billion in 2023 and is projected to hit $1,228.87 billion by 2032 at 22.65% CAGR
- Worldwide data analytics market revenue to reach $132.9 billion in 2026, growing at 13.4% CAGR from 2021
- U.S. IT spending growth is expected at 7.5% in 2024, driven by data centers and AI infrastructure
- Global blockchain spending in IT is projected to reach $19 billion by 2024
- The network management system market size was $13.1 billion in 2023, expected to grow to $25.4 billion by 2030 at 9.9% CAGR
- IT spending on communications services worldwide to decline 0.2% in 2024 to $1.5 trillion
- Global digital workplace market valued at $102.3 billion in 2023, projected to $231.4 billion by 2031 at 10.6% CAGR
- Enterprise software market to grow from $258.84 billion in 2023 to $511.02 billion by 2031 at 8.8% CAGR
- Worldwide hyperscale data center market revenue to hit $45.4 billion in 2024
- The PaaS market size was $123.4 billion in 2023 and is expected to reach $307.3 billion by 2030 at 13.9% CAGR
- Global IT asset management software market to grow from $2.5 billion in 2023 to $6.1 billion by 2030 at 13.6% CAGR
- IT spending in Western Europe forecasted to grow 6.9% in 2024
- The unified endpoint management market size was $13.24 billion in 2023, projected to $49.46 billion by 2030 at 20.8% CAGR
- Global IT operations analytics market to reach $48.5 billion by 2028 from $22.9 billion in 2023 at 16.2% CAGR
- The global IT market in India is expected to reach $350 billion by 2025, growing at 10% CAGR
Market Size & Revenue Interpretation
Despite the astronomical sums being spent on IT, the industry's core product appears to be a perpetual subscription to the future, where every new solution creates the infrastructure, data, and complexity that necessitates the next one.
Workforce & Employment
- The global IT industry employed 4.6 million people in 2023, with a projected addition of 1.2 million jobs by 2026
- U.S. tech unemployment rate stood at 2.2% in Q1 2024, below the national average of 3.8%
- There are over 28.7 million software developers worldwide as of 2024, expected to grow 25% by 2030
- India has 5.4 million IT professionals in 2024, accounting for 55% of global tech talent pool
- 85% of IT hiring managers report difficulty finding skilled cybersecurity talent in 2024
- Global tech workforce diversity: Women represent only 26% of the IT workforce in 2023
- U.S. added 258,000 tech jobs in 2023, with software developers seeing 17% growth demand
- 91% of IT leaders plan to increase headcount in AI/ML roles by 2025
- Average IT salary in the U.S. reached $109,000 in 2024, up 4.5% YoY
- By 2025, 85 million jobs may be displaced by automation, but 97 million new roles created in tech
- Europe’s tech sector employed 5.4 million in 2023, with 1 million vacancies unfilled
- 75% of IT workers experienced burnout in 2023, leading to 20% higher turnover rates
- Demand for cloud computing skills grew 40% YoY in 2024 job postings
- Global IT freelance workforce numbers 1.57 billion in 2024, 46.7% of total workforce
- 68% of companies report skills gaps in AI as top workforce challenge in 2024
- U.S. tech job openings hit 1.1 million in March 2024
- 42% of IT professionals upskill via online courses annually
- Asia Pacific tech workforce to grow 2.5% annually to 2028
- Cybersecurity job demand projected to grow 32% by 2032, needing 3.5 million more professionals
- 55% of IT roles now require hybrid skills in business and tech
- Global tech layoffs reached 262,000 in 2023, but hiring rebounding 15% in 2024
- Women in tech leadership roles increased to 29% in 2024 from 25% in 2022
- Remote work in IT: 58% fully remote, 30% hybrid in 2024 surveys
- Entry-level IT salaries up 6.8% to $72,000 average in U.S. 2024
- 77% of IT managers prioritize reskilling for GenAI by 2025
- Tech workforce in Latin America grew 12% to 1.9 million in 2023
- 62% of IT pros seek certifications yearly, boosting employability by 25%
- 49% of organizations face talent shortages in data science roles in 2024
- Global average tenure for IT employees is 2.8 years, down from 4.1 in 2010
Workforce & Employment Interpretation
The tech industry is booming with jobs and pay, yet it's a paradox of millions seeking work while companies desperately seek skilled hands, all while we collectively burn out and job-hop through a revolution we're racing to both fuel and understand.
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