target audience: TECH SUPPLIER Publication date: May 2024 - Document type: Web Conference Proceeding: Tech Supplier - Doc Document number: # US52302424
State of the Market: AI Impact on IT Spending and Economic Growth
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Abstract
This IDC Web Conference highlights the impact of AI on IT spending as well as economic growth. The emergence of generative AI has already caused significant disruption to IT spending, and this wave of transformation is only just beginning. Investments in AI deployments have triggered both additional investment and budget reallocations, while vendors across the ICT industry wrestle with the long-term implications for pricing models and product development. In addition, AI promises to contribute to economic growth and stability in the next decade, as investments in new technology lead to productivity gains. This comes at a critical juncture for a global economy, which still faces downside risks and geopolitical uncertainty.
This document provides an overview of IT spending and economic growth so far in 2024, along with updated forecasts for the second half of the year and 2025. Key topics discussed include:
- Detailed analysis of IT market performance in 1Q24, with updated forecasts
- Measuring the AI impact on IT budgets and global economic outlook in the short and medium term
- Impact of China–U.S. tensions, downside economic risks, and new AI policies/regulations