Global IT spending has grown at the fastest rate in nearly 30 years, according to IDC, largely thanks to the boom in AI and cloud services and PC refresh cycles.
Figures from IDC’s latest Worldwide Black Book show that spending on hardware, software, and IT services is on course to rise by 14%. That’s the fastest year of growth since 1996, when the launch of Windows 95, expanding PC usage, and internet adoption were the primary drivers of IT spending.
Now it is all about the massive AI infrastructure investment wave driving another ‘supercycle’ of tech spending, IDC noted, with the figure set to reach 4.25 trillion dollars.
Total ICT spending, which includes telecom and business services, as well as IT spending, will reach almost $7 trillion this year, the consultancy found.
The report marks seven consecutive months in which spending has risen – reflecting continued over-performance and aggressive investments by service providers in AI infrastructure.
This month’s figures were also boosted by strong enterprise software spending, with many organizations continuing with digital transformation and cloud migration projects.
IDC said it now expects software spending to increase by 14% in the year ahead, with AI deployments adding to investments in security, optimization and analytics.
