Given the skyrocket-fast pace that recent technological advancements have been moving at, the business world having largely transitioned to the cloud has taken no one, really, by surprise. Sensitive personal information is stored and accessed through the cloud. Vital corporate data is safeguarded there. The cloud is an undeniable part of IT and what the future holds.
So too, then, are incredibly necessary cybersecurity investments. On top of that, we cannot exclude the mainstream shift towards properly utilizing artificial intelligence. At the end of the day, experts believe that it won’t take long for IT spend, as a whole, to reflect these trends en masse.
Hear me out. We’re taking a broad sweep at tech’s future and why it matters.
According to the latest forecast from Gartner (News - Alert), worldwide IT spending is expected to reach a staggering $5.1 trillion in 2024, reflecting an 8% increase from the previous year. This growth will be driven primarily by calculated investments in cloud computing and cybersecurity; as mentioned, both of these have become integral components of what constitutes successful modern technology strategies. Gartner also predicts that global spending on public cloud services will surge by 20.4% in 2024, fueled by price increases from cloud vendors as demands rise and by the increased integration and utilization of – you probably guessed it – AI.
The plan is all coming together. (I can just hear The A-Team’s Hannibal Smith in the background.)
I digress. The point is, the cloud, cybersecurity, AI – these elements all go together, and businesses must ready themselves.
Gartner echoes this, as well. Gartner’s 2024 CIO and Technology Executive Survey points to these elements as key factors in the ultimate growth of the software segment. 80% of CIOs plan to invest further in cybersecurity, with spending increases in information security, cloud infrastructure, and AI’s role in the ever-evolving, interconnected digital landscape.
And of course, there’s always more to say about AI. (Such is the way of news, these days.) It’s not-so-arguably the hottest industry in tech at the moment, and Gartner believes it will continue to have material impacts on IT spending over at least the next decade. Organizations that continue to invest in AI (particularly GenAI) and automation increase operational efficiencies, bridge talent gaps, and boost productivity through the roof. John-David Lovelock, a distinguished Gartner analyst, says that GenAI strategies “will be instrumental parts of global IT as soon as 2025.”
That might seem like it’s lightyears away, but the opposite holds true – 2024 is right around the corner, and the accelerated speed of tech will ferry us into 2025 faster than we may suspect.
To that point (as time speeds on), security and regulations around AI will also inevitably expand. Case in point is President Biden’s executive order (announced yesterday) that will guardrail explosive AI developments, as it outlines precisely how advanced AI products will need to be tested and reviewed by internal government entities. One White House source called it “the strongest set of actions any government in the world has ever taken on AI safety, security, and trust.”
So, as investments in AI (that’ll become more highly regulated) increase, IT spend will need to balance them with how we approach cloud computing and cybersecurity must-haves. Eventually, there likely won’t be the talk of IT without all three of these elements, top of mind.
That’s the crux of this story, this tech world update: The cloud is key. Investments in the cloud and crucial cybersecurity measures dominate the landscape. AI is impacting (and complementing, in tow) the broader technology ecosystem. These will serve as the biggest drivers of enterprise IT’s continued growth. And as we see data breach numbers climbing and AI-related challenges piling, stabilizing the future of tech means taking all of this and working with it, rather than against it.
Edited by Alex Passett