Gartner forecast Europe 2024
According to the latest Gartner forecast, IT expenditure in Europe will amount to 1.1 billion USD in 2024. This corresponds to an increase of 9.3 percent compared to 2023.
The one billion dollar mark is expected to be exceeded by the end of 2023. "Despite the tense economic situation, IT spending in Europe remains recession-proof," says John-David Lovelock, VP Analyst at Gartner. "For CIOs in Europe, growth at any cost has been the order of the day for over a decade. Now they are focusing on cost control, efficiency and automation in ongoing IT projects, while cutting back on IT initiatives with longer ROI."
Gartner analysts examine IT spending priorities for IT leaders and CIOs during the Gartner IT Symposium/Xpo. Although artificial intelligence (AI) is a priority for CIOs this year and the next, it is not yet a spending priority.
There are other factors such as revenue generation, profitability, and security that will drive IT spending in Europe next year. "Maintaining a healthy profit margin has become central to European businesses, which has ushered in a new wave of pragmatism," says Lovelock.
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