The IT industry in 2024 and beyond, as seen by global data powerhouses

4 months ago - 4 minute(s) read

The IT industry has been one of the most dynamic and fast-growing in recent years. However, the economic slowdown and the much-touted poly-crisis have made everyone more cautious about the future of the industry. The UN's World Economic Situation and Prospect 2024 report has forecasted a decline in the global GDP growth rate from 2.7% in 2023 to 2.4% in 2024, signaling a contraction in the overall economy. This is due to the development of economic uncertainties, particularly in developing countries, which have been experiencing high levels of debt and inflation. However, there's no need to panic yet.

The UN's report also mentions that developed countries have developed countermeasures to address the issue. These countermeasures include developing economies' investments in infrastructure and technology, including the implementation of high-speed internet networks and AI-powered systems. Therefore, the digital infrastructure will continue to expand globally among companies, with a focus on AI, cybersecurity, as well as usual software and IT services.

The Gartner report, on the other hand, is more optimistic. It states that worldwide spending on IT is expected to reach $5 trillion in 2024, an increase of 6.8% compared to 2023. This is a clear indication that the IT industry will continue to persevere despite the current economic situation. The report also predicts that the growth will come from the adoption of emerging technologies such as cloud computing, artificial intelligence, and the Internet of Things (IoT) by companies and organizations worldwide.

The growth of the IT industry in 2024 is expected to be particularly pronounced in developing countries, where the adoption of new technologies is expected to be a major driver of economic growth. The report also highlights that organizations are likely to increase their spending on security and privacy-related technologies, as cybersecurity continues to be a major concern for companies worldwide.

In addition, the report predicts that the demand for IT skills will continue to be high, with a particular emphasis on skills related to cybersecurity, data analytics, and AI. This means that IT professionals with these skills will continue to be in high demand. The report also indicates that the IT job market will remain strong, with a projected growth rate of 11% from 2021 to 2024.

The IT industry is poised to weather the economic storm in the coming years. While inflation is still high, the IT sector is expected to continue growing, albeit cautiously. Organizations will continue to invest in new technologies and digital infrastructure, which will drive growth in the industry. The demand for IT skills will continue to be high, which is good news for IT professionals. Therefore, the IT industry has a bright future ahead, and IT professionals should feel optimistic about their prospects in the coming years.

In conclusion, the IT industry is expected to fare well in the 2024 economic situation and beyond. The adoption of emerging technologies and digital infrastructure will continue to drive growth in the industry, and the demand for IT skills will remain high. While caution will be the keyword of the year, the IT industry will continue to persevere through the current economic situation.