As global IT spending soars to a staggering $5.1 trillion in 2024, fueling explosive growth in everything from cloud platforms and generative AI to cybersecurity and robotics, the technology industry is undergoing a transformation so profound that its ripples are being felt in every corner of the global economy and workplace.
Key Takeaways
- Global IT spending is projected to total $5.1 trillion in 2024, an 8% increase from 2023.
- Apple's revenue for fiscal 2023 reached $383.3 billion, up 2.3% year-over-year.
- Amazon Web Services generated $90.8 billion in revenue in 2023, representing 16% of Amazon's total revenue.
- Worldwide public cloud services end-user spending forecasted to grow 20.4% in 2024 to $679.8 billion.
- Generative AI software market expected to reach $28.6 billion in 2024, up from $3 billion in 2023.
- Global data center spending projected at $349 billion in 2024.
- Global VC investment in tech hit $285 billion in 2023.
- AI startups raised $42.5 billion in funding in 2023.
- U.S. tech venture funding totaled $170 billion in 2023.
- Global tech employment in IT sector reached 28 million in 2023.
- U.S. tech unemployment rate at 2.2% in early 2024.
- 97% of tech companies report skills gaps in AI/ML.
- Global patent applications in AI reached 65,000 in 2023.
- U.S. granted 140,000 tech patents in 2023.
- China filed 69% of global AI patents in 2023.
The tech industry is thriving with massive growth in AI, cloud, and semiconductor spending.
Adoption and Usage
- Global smartphone shipments 1.17 billion units in 2023.
- 5.3 billion internet users worldwide in 2024.
- Global e-commerce sales $6.3 trillion in 2023.
- 60% of global population uses smartphones in 2024.
- Streaming video users 1.3 billion globally in 2023.
- Cloud adoption 94% of enterprises using public cloud.
- GenAI usage 65% of organizations experimenting in 2024.
- Social media users 5.04 billion in 2024.
- Global EV sales 14 million units in 2023.
- Contactless payments 80% of transactions in urban areas.
- Remote work adoption 12.7% of full-time employees.
- 83% of buyers willing to share data for personalization.
- Global 5G connections 1.76 billion in 2023.
- SaaS adoption 99% of organizations using at least one.
- Passwordless authentication used by 37% of firms.
- Global online shopping penetration 25% of retail.
- AI chatbots used by 50% of consumers weekly.
- Wearables shipments 520 million units in 2023.
- Digital wallet users 5.8 billion transactions monthly.
- 70% of enterprises adopted hybrid cloud.
- Video conferencing usage post-pandemic 300% increase.
- Global app downloads 257 billion in 2023.
- Cybersecurity software adoption 88% of businesses.
- NFT ownership 5% of adults in surveyed countries.
- Smart home devices 1.1 billion connected in 2023.
- Global data creation 181 zettabytes in 2025 projection.
Adoption and Usage Interpretation
We've become a world where your refrigerator is smarter than your toaster, your pocket holds a universe of data, and the only thing more prolific than our online shopping is our willingness to let a chatbot psychoanalyze us for a better discount.
Financial Metrics
- Global IT spending is projected to total $5.1 trillion in 2024, an 8% increase from 2023.
- Apple's revenue for fiscal 2023 reached $383.3 billion, up 2.3% year-over-year.
- Amazon Web Services generated $90.8 billion in revenue in 2023, representing 16% of Amazon's total revenue.
- Microsoft Azure and other cloud services revenue grew 30% in Q3 FY2024.
- Alphabet's Google Cloud revenue hit $9.6 billion in Q4 2023, up 26% year-over-year.
- NVIDIA's data center revenue surged to $18.4 billion in Q4 FY2024, up 409% from prior year.
- Global semiconductor market revenue is expected to reach $611 billion in 2024.
- Salesforce's subscription and support revenue was $31.4 billion for FY2024, up 10%.
- Oracle's cloud revenue grew 25% to $5.3 billion in Q3 FY2024.
- IBM's software segment revenue increased 7% to $6.8 billion in Q4 2023.
- Global cloud computing market size was valued at $545.6 billion in 2023.
- Meta Platforms' advertising revenue totaled $131.9 billion in 2023.
- Tesla's automotive revenue reached $82.4 billion in 2023, down 15% YoY.
- Adobe's annual recurring revenue hit $19.8 billion in FY2024.
- ServiceNow's subscription revenues grew 22% to $9.94 billion in FY2023.
- Workday's subscription revenue increased 17% to $6.4 billion in FY2024.
- Snowflake's product revenue was $2.0 billion in FY2024, up 36%.
- Palantir's U.S. commercial revenue grew 52% to $225 million in Q4 2023.
- CrowdStrike's annual recurring revenue reached $3.4 billion, up 33% in FY2024.
- Zoom Video Communications revenue was $4.5 billion in FY2024, up 3%.
- Global SaaS market revenue projected at $390.4 billion by 2025.
- Cisco's total revenue for FY2024 was $53.8 billion, down 6%.
- Intel's revenue fell to $54.2 billion in 2023.
- AMD's data center revenue doubled to $6.5 billion in 2023.
- Global enterprise software market size $488 billion in 2023.
- SAP's cloud revenue grew 25% to €15.2 billion in 2023.
- VMware's revenue was $13.3 billion in FY2023.
- Dropbox's paying users generated $2.5 billion revenue in 2023.
- Twilio's revenue reached $4.2 billion in 2023, up 9%.
- Global public cloud services market to reach $723 billion in 2024.
Financial Metrics Interpretation
While the tech giants jostle for trillion-dollar dominance, the real race is in the cloud, where everyone's scrambling to build the digital sky that Apple, Tesla, and even Cisco will inevitably have to live under.
Innovation and Patents
- Global patent applications in AI reached 65,000 in 2023.
- U.S. granted 140,000 tech patents in 2023.
- China filed 69% of global AI patents in 2023.
- Generative AI patent filings up 290% since ChatGPT launch.
- Qualcomm holds 1,400 5G standard patents.
- IBM led with 6,242 U.S. patents granted in 2023.
- Samsung Electronics filed 6,165 patents in 2023.
- Global semiconductor patents 350,000 active in 2023.
- CRISPR gene-editing patents exceed 10,000 globally.
- Quantum computing patents doubled to 2,500 in 2023.
- Autonomous vehicle patents 50,000+ by top firms like Waymo.
- Blockchain patents filed 60,000 since 2015.
- AR/VR patents grew 25% to 12,000 in 2023.
- Global R&D spending in tech $1.5 trillion in 2023.
- Apple filed 2,531 U.S. patents in 2023.
- Google AI patents 5,000+ active.
- NVIDIA GPU patents over 20,000.
- OpenAI patent portfolio includes 200+ filings.
- 6G research patents emerging at 1,000+ annually.
- Biotech AI patents surged 40% in 2023.
- Edge AI patents 15,000 in 2023.
- Sustainable tech patents up 20% to 50,000.
- Metaverse-related patents 8,000 filed in 2023.
Innovation and Patents Interpretation
The patent office is currently being buried under an avalanche of ambition, suggesting the global tech industry is feverishly writing the legal fine print for our future while simultaneously trying to outmaneuver each other in every field from semiconductors to the metaverse.
Investment and Funding
- Global VC investment in tech hit $285 billion in 2023.
- AI startups raised $42.5 billion in funding in 2023.
- U.S. tech venture funding totaled $170 billion in 2023.
- Global private equity tech investments $213 billion in 2023.
- OpenAI raised $10 billion from Microsoft in 2023.
- Anthropic secured $8 billion funding led by Amazon in 2024.
- Databricks raised $500 million at $43 billion valuation in 2023.
- Inflection AI got $1.3 billion investment from Microsoft.
- xAI raised $6 billion in Series B funding in 2024.
- Global AI investment reached $96 billion in 2023.
- Crypto VC funding $10.7 billion across 1,631 deals in 2023.
- European tech VC funding $48 billion in 2023.
- India tech startups raised $8.4 billion in 2023.
- Fintech funding globally $51.2 billion in 2023.
- Climate tech VC investment $25.4 billion in 2023.
- Biotech VC funding in tech-enabled firms $22 billion in 2023.
- Gaming VC investments $6.5 billion in 2023.
- Space tech funding $7.2 billion across 200+ deals in 2023.
- Proptech funding $5.8 billion in 2023.
- Edtech global funding $10.1 billion in 2023.
- Healthtech VC $15.3 billion in 2023.
- Logistics tech funding $12.6 billion in 2023.
- Global cybersecurity VC $8.9 billion in 2023.
- Semiconductors VC investment $5.5 billion in 2023.
- Robotics startups raised $2.1 billion in 2023.
- Global VC megadeals (over $100M) totaled 368 in tech 2023.
- Late-stage tech VC funding $109 billion in 2023.
- Early-stage VC in tech $62 billion in 2023.
Investment and Funding Interpretation
The tech industry, in a breathtaking display of both ambition and selective amnesia, has collectively decided that the future is worth roughly a third of a trillion dollars, with a staggering portion bet on the hope that artificial intelligence will be polite enough to both create and solve our next existential crisis.
Market Growth
- Worldwide public cloud services end-user spending forecasted to grow 20.4% in 2024 to $679.8 billion.
- Generative AI software market expected to reach $28.6 billion in 2024, up from $3 billion in 2023.
- Global data center spending projected at $349 billion in 2024.
- Edge computing market size to grow from $16.45 billion in 2023 to $110.6 billion by 2030 at 31.6% CAGR.
- 5G mobile subscriptions worldwide to reach 2.9 billion by end of 2024.
- Global cybersecurity market projected to hit $298.5 billion by 2028, growing at 13.8% CAGR from 2023.
- IoT endpoints to increase to 18.8 billion by 2024.
- Global AR/VR market revenue to reach $52 billion by 2027.
- Blockchain market size expected to grow from $17.4 billion in 2023 to $943.5 billion by 2032 at 47.1% CAGR.
- Global electric vehicle market to reach $623.3 billion by 2028.
- Quantum computing market projected at $5.3 billion by 2029.
- Low-code development platform market to grow to $187 billion by 2030.
- Global metaverse market size valued at $82.6 billion in 2023, to reach $507.8 billion by 2030.
- Digital transformation spending to total $3.4 trillion by 2026.
- Global robotics market revenue to hit $210 billion by 2025.
- Wearable technology market to reach $186 billion by 2030.
- Global big data market size projected at $549.6 billion by 2028.
- Fintech market to grow from $340.10 billion in 2024 to $1,139.05 billion by 2032.
- Global drone market expected to reach $58.4 billion by 2030.
- Sustainable IT services market to grow at 16.5% CAGR to 2030.
- Global semiconductor equipment market $109 billion in 2023, up 6%.
- Hyperautomation market to reach $37.7 billion by 2028.
- Global 3D printing market $20.37 billion in 2024.
- Tech sector M&A deal value reached $579 billion in 2023.
Market Growth Interpretation
It seems the tech industry's frenzied attempt to build, connect, and automate absolutely everything is going splendidly, assuming your definition of 'splendidly' includes a future where our primary job is managing the robots that are protecting our data from the AI living in our cloud-connected cars and smartwatches, all while paying for it with digital money.
Workforce Statistics
- Global tech employment in IT sector reached 28 million in 2023.
- U.S. tech unemployment rate at 2.2% in early 2024.
- 97% of tech companies report skills gaps in AI/ML.
- Global demand for cybersecurity professionals to reach 3.5 million unfilled jobs by 2025.
- Women represent 26% of the tech workforce globally in 2023.
- U.S. tech jobs grew by 238,000 in 2023.
- 85% of tech leaders plan to increase headcount in 2024.
- Average tech salary in U.S. $109,020 in 2023.
- India IT workforce size 5.4 million in FY2023.
- 69% of tech workers experienced burnout in 2023.
- Global freelance tech workforce 50 million in 2023.
- AI skills demand grew 866% since 2016.
- 92% of tech jobs require digital skills by 2025.
- U.S. tech diversity: 58% White, 20% Asian in 2023.
- Remote tech workers 28% of workforce in 2023.
- Tech layoffs reached 262,000 in 2023.
- Entry-level tech hiring down 52% in 2023.
- 75% of tech companies upskilling employees in GenAI.
- Global tech talent shortage 85 million workers by 2030.
- Tech worker age average 42 years in U.S. 2023.
- 44% of tech pros want to switch jobs in 2024.
- Developer shortage 1.4 million in U.S. by 2030.
- Cloud skills gap affects 89% of enterprises.
- Tech workforce in China 7.6 million in 2023.
- 60% of tech roles hybrid/remote in 2024.
Workforce Statistics Interpretation
The tech industry is a booming, high-paying party where millions have been invited, but the door is practically barred for newcomers, the DJ is burning out, and everyone’s desperately trying to hire a bouncer, a magician, and someone who knows what this mysterious "AI" drink is, all at the same time.
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