Breaking Analysis: 2024 IT spending outlook shows cautious start with optimistic finish
Channel: SiliconANGLE theCUBE
Date: 2024-01-22

In this Breaking Analysis, theCUBE Research analyst Dave Vellante unpacks the Enterprise Technology Research January spending data and digs into those areas that are expected to show above average performance and those that are likely to lag.

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According to recent spending intentions data from over 1,700 information technology decision-makers, executives anticipate a 4.3% growth in technology budgets for the year, which is an improvement from the 3.5% growth seen in 2023 and higher than the 3.8% expectation from October. However, the forecasts for 2024 are back-loaded, with Q1 2024 forecasts at 2.4%, indicating that the optimism is concentrated in the second half of the year.

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While some sectors like energy and the Asia-Pacific region expect higher growth, many large companies plan to grow below the mean. Notably, 40% of organizations report that generative AI funding is being redirected from other budgets, highlighting the importance of AI delivering a tangible return on investment for sustained spending growth in 2024 and beyond.

Read the full article https://siliconangle.com/2024/01/20/2024-spending-outlook-shows-cautious-start-optimistic-finish/

Be sure to follow Dave's weekly Breaking Analysis podcast as well, for the deep data dives on enterprise computing trends, from spending patterns to Wall Street implications.
https://www.youtube.com/playlist?list=PLenh213llmcZMTRZKjnAwesSCiuLQT21E

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