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HFS Pulse Outlook for Platform Economy

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HFS’ latest installment 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 the platform economy. 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. Also, IT no longer writes the checks, so ensure targeted offerings for C-Suite and LOB leaders.
  2. HFS research shows that 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. AI and analytics lead emerging tech investments. IT services favor data modernization with no silver bullet for growth. BPO spend is increasingly focused on supply chain, platform adoption, platform integrity, sales, and customer experience.

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