Market Analysis

HFS Pulse Outlook for Technology, Media & Telecommunications

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HFS’ latest instalment of Pulse data is here! Our Pulse series is designed to provide recurring state-of-the-market updates on IT and services trends and investments to help enterprises and providers make informed decisions. Here is our outlook for TMT Industry.  2024 will be the year of AI-led technology arbitrage with a lumpy spending rebound.

  1. IT spending shows a welcome rebound across industries, but expect shorter contract lengths, heightened expectations for ROI and major transformation initiatives chunked up into component parts. And technology leaders no longer write the checks so ensure targeted offerings for the C-suite and line-of-business leaders.
  2. HFS research shows 2024 will bring modest growth in labor-centric IT and business process services spending. AI-led technology spending is emerging as the growth engine of 2024—expected to drive significant investment. This is the rise of technology arbitrage. It will force a new S-curve of AI-driven value creation. Service providers have an opportunity to help drive AI maturity in 2024 and beyond.
  3. Expect a keen, continued focus on bottom-line impact, doing more with less. 5G and data platform lead emerging tech investments. IT services favor IT operation with no silver bullet for growth. BPO spend has a growing focus on sales, payroll, marketing, strategy, innovation, transformation, and customer experience.

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Authors

  • Joel Martin Executive Research Leader and Chief of Staff

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