Generative AI services revenues to reach $16.3 billion by 2024

Gartner releases forecasts on technology phenomena such as artificial intelligence, cloud and the edge

Artificial intelligence (AI), cloud and edge are three technology phenomena that will shape the enterprise market over the next few years. Gartner has released a series of predictions on all of them that attest to this.

Starting in 2023, the research firm expects investments in generative AI to impact IT spending on consulting, with increased demand in business operations, marketing, customer management, strategy and governance.

Industry-specific use cases will begin to emerge as early as 2024. Also by 2024, Gartner forecasts $16.3 billion in revenue from generative AI services.

As for cloud computing, cloud IT spending will account for almost half (47%) of the total cloud market this year. Next year, the IT share of cloud services will equal non-cloud IT spending.

Another prediction is that at least 1 in 2 edge deployments will involve machine learning by 2026, up from 5% in 2022.

The role of the internet of things at the edge will evolve over time, moving from observability to reactive, predictive and event-avoidance capabilities.