HG Insights forecasts global IT spending will reach $3.8 trillion in 2024, driven by growth in software and services, particularly AI-related investments. Software spend is expected to exceed $1.1 trillion, while services will top $1.7 trillion, led by cloud computing and consulting. Hardware spend is projected to decline slightly to $579.7 billion, with client and server computing dominating. Communications spending will hit $404.8 billion, mostly in mobile and fixed data. Regional trends show AMER leading in spend across all categories. The report also highlights GenAI’s influence and the shift toward outsourced IT services.

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