The world spent $42.5 trillion on IT in a decade, more than the GDP of the US and China combined

Each year, companies and consumers worldwide spend trillions of dollars on information technology, including devices like PCs, tablets, mobile phones, printers, enterprise software, data center systems, and communications services.

And while 2024 is on track to set a new record, with global IT spending rising to over $5 trillion, the cumulative figures for the past decade are even more impressive.

According to data presented by Stocklytics.com, the world spent a whopping $42.5 trillion on information technology in the past decade, more than the GDP of the United States and China combined.

Technology allows businesses to compete and rise above in the digital world, especially with customer expectations constantly growing and the bar climbing.

That is why their IT budgets have snowballed over the years, helping them drive revenues, streamline operations, and reduce overall costs. However, well-invested IT dollars also lower risks and provide better and unique customer service.

The amount of money both businesses and consumers have poured into information technology over the years is quite shocking. According to Statista and Gartner data, between 2013 and 2023, the world spent $42.5 trillion on IT devices and solutions. This figure is even more impressive when compared to the GDPs of the world`s largest economies.

Statistics show that ten-year IT spending is higher than the GDP of the United States and China combined and ten times larger than that of countries like Japan, Germany, India, and the United Kingdom.

Over one-third of total IT spending in the past decade, or $15.7 trillion, went to communication services, the largest revenue stream in the IT market. IT services were the second-most expensive category in global IT budgets, with more than $11.5 trillion in total spending in the past decade.

Gartner data show companies and organizations spent $7.2 trillion on enterprise software in this period while another $5.2 trillion went on devices, including PCs, tablets, mobile phones, and printers. Data center systems costed roughly $2 trillion, far less than any other category mentioned above.

While $42.5 trillion is a shocking figure for itself, global IT spending is on track to hit a new record in 2024. Gartner expects the world to spend over $5 trillion on information technology this year, the highest figure in the market`s history. This also represents an 8% increase compared to 2023 and the second-largest annual increase since 2021, when global IT spending jumped by 13.4%.

If the Garner forecast is correct, the cumulative IT spending since 2013 will climb to $47.2 trillion at the end of this year, almost twice the US GDP and nearly three times the GDP of China.