Enterprise Weekly #444: Where Global IT Spend Is Heading, Founder Therapy, and More
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Gartner’s October forecast is out and global IT spend is predicted to grow 8% to $5.1T in 2024. Enterprise software is expected to be the fastest growing segment next year, with an estimated increase of 13.8%.
What sectors are driving this growth?
Primarily, cloud spend. Global spending on public cloud services is forecast to increase 20.4% in 2024 due to a combination of increased cloud vendor pricing and increased utilization.
Additionally, cybersecurity spend. In a Gartner survey, 80% of CIOs reported that they plan to increase spending on cybersecurity and information security in 2024. What’s interesting is that while cybersecurity had historically been somewhat immune to post-pandemic funding dips, Q2 and Q3 2023 data has revealed a notable shift. With a lack of big, late-stage deals and only $1.9B VC money invested in the sector this past quarter, funding is back to the pre-pandemic era, following a similar trendline to most other sectors.
What’s not driving growth?
Surprisingly, Generative AI. Danny recently wrote a post highlighting the paradox: despite the considerable buzz and excitement surrounding VC investments in the space, the actual allocation of enterprise IT spend towards this technology remains relatively low. Read more about Generative AI’s path to enterprise adoption here.
🚨 Lastly, Work-Bench is hiring an Enterprise Weekly Intern! This part-time research and data entry role is a great way to get your foot in the door in VC and enterprise tech — check out the role description for more info here.
🗓️ Join more events:
October 26, Virtual : Manage Permissions Systems Like Google Does hosted by Jacob Moshenko, CEO of AuthZed
November 6, Chicago: InfraRed Kubecon Happy Hour hosted alongside Redpoint
November 7, Chicago: KubeCon Happy Hour hosted alongside NEA
November 9, NYC: #Womenterprise End of Year Drinks hosted alongside Bank of America
November 13, NYC: Women in SaaS Event hosted by Primary and featuring Jessica Lin on how to nail boardroom presentations and avoid common pitfalls
November 14, NYC: NY Enterprise Tech Meetup featuring David Politis, Founder of BetterCloud, on his “Founder Survival Guide: 50+ Rules to Live By...Lessons Learned the Hard Way”
📚 Read more news:
Crunchbase: The Biggest IPOs Of 2021 Have Shed 60% Of Their Value
CNBC: Microsoft-Owned LinkedIn Lays Off Nearly 700 Employees
The Information: Top 50 Promising Startups in 2023
Pitchbook: VC Fundraising On Track For 67% Decline With Little Relief In Sight
Work-Bench: What’s New In Edge Computing?
Work-Bench: Generative AI’s Path to Enterprise Adoption
📚 Read more (th)reads:
Company: Autokitteh
Role: Senior Backend Engineer & Senior Full Stack Engineer
Technology: Developer First Framework for Durable Automation
Funding: Unannounced
🌟 Company of the Week 🌟
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Founders: Rohan Punamia (CEO), Kunal Punera (CTO)
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Spec raises $15M led by SignalFire
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Hivebrite raises $37M led by Quadrille Capital
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Prove Identity raises $40M co-led by MassMutual Ventures and Capital One Ventures
Risk / Security • Venture • New York, NY
ScyllaDB raises $43M led by Eight Roads Ventures
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SecureW2 raises $80M led by Insight Partners
Risk / Security • Private Equity • Seattle, WA
Employment Hero raises $168M led by TCV
HR Tech • Series F • Sydney, Australia