Find out what ITCandor sees ahead for the ITC industry in 2024 Read more »
ITCandor ITC Predictions 2024 – good and evil
9. Quantum computing will come of age, creating analytic breakthroughs in HPC
Like AI, quantum computing has promised to deliver big benefits to society over the last few years. I believe we will see substantial improvements in its use for scientific and mathematical analytics in 2024 – benefiting its developers (IBM, Google and others). I hope that its legitimate use outstrips the […] Read more »
10. War and terrorism will keep gas and oil prices high, slow the move to green energy and negatively affect ITC supply chains
The ITC market was once new, offering potential savings in automation and productivity enhancement for early adopters. By 2024 it has become an essential part of almost every product and service we purchase. The market is so large that its size and growth is bound to be tied to the […] Read more »
1. The total ITC market will see zero spending growth, remaining level at $7.1 trillion
The 2021-2023 flat-line growth in spending of the ITC industry looks likely to continue. My first prediction (see my Figure above) is for total spending to remain at its current $7.1 trillion level for another year. Although inflation in many markets has been successfully reduced, we have yet to see […] Read more »
2. ITC spending growth will be bigger in Asia Pacific; EMEA will perform better than the Americas
At a regional level I expect ITC sales in 2024 to grow by 2% in Asia Pacific. I expect sales to very slightly in both the Americas and EMEA since, although there are many immature markets in both, they are dominated by the USA and Western European countries respectively which […] Read more »
3. Of the major country markets Japan will see the strongest spending growth in 2024
At a country level sales in the USA will continue to be far the largest (31% of the world), although I expect the 2024 total will be very slightly down on 2023. I expect Japan and Australia to see the strongest growth (2.6% in both). Of the other major country […] Read more »
4. Software spending growth will be stronger than in IT Services; Telecommunications and hardware sales will decline
In my research I split ITC offerings into 4 mutually exclusive categories. In 2024 I expect that IT Services will remain the largest (39% of the total) with growth in the year of 1.7%. Software (now larger than both Telecommunications and Hardware) will see the strongest growth (5%). I expect […] Read more »
5. Sales by offering – Software as a Service spending will grow most; Implementation IT services will be the largest
I split the 4 categories in my research into 32 separate offerings; of these I expect Software as a Service (SaaS) to see the greatest growth in 2024 (14%), followed by Operating Systems (10%), IaaS (9%) and PaaS (9%). Sales of Implementation services (12%) and Applications (11%) will be the […] Read more »
6. Spending on raw storage will begin to grow again, following two years of dramatic decline
I’m nervous to make predictions around raw storage devices following the failures I’ve made here over the last couple of years. There’s no doubt that these markets have proved highly volatile since the pandemic, when not enough of these components were made to meet demand and then were over produced. […] Read more »
7. Generative AI – especially from large public cloud suppliers will continue to grow at tremendous rates
Artificial Intelligence (AI) has been threatening to take a lead role as a revenue generator in our industry for many years. 2023 was a year in which we saw very dramatic growth from the specialist suppliers involved. My Figure above shows Nvidia’s reported ‘datacenter’ revenues by quarter; this is where […] Read more »
8. State-sponsored cyber criminals will continue to influence/interrupt/disrupt national elections in the USA and UK
Both the USA and the UK will have general elections in 2024. Politics in both countries have been badly affected by international (mainly Russian) interference in the past; I believe that the UK’s decision to leave the EU for instance would not have been taken were it not for the […] Read more »