With the fervent push to inject AI into everything, data analytics is evolving alongside IT roles, database architectures, and more. Worldwide, IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion before the end of the decade.
The driver of this growth? Generative AI. GenAI brings about diverse media types, assisting in strategy creation, predictive modeling, and product development, while impacting content marketing and customer service.
“We are seeing a cycle of story, plan, execution when it comes to GenAI. In 2023, enterprises were telling the story of GenAI and in 2024 we are seeing most of them planning for eventual execution in 2025,” said John-David Lovelock, distinguished VP analyst at Gartner. “Technology providers are required to be a step ahead of this cycle and are already in the execution phase. They are bringing GenAI capabilities to existing products and services, as well as to use cases being identified by their enterprise clients.”
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