shot-button
Maharashtra Elections 2024 Maharashtra Elections 2024
Home > Technology News > Non IT leaders to build most of tech products by 2024 Report

Non-IT leaders to build most of tech products by 2024: Report

Updated on: 15 June,2021 09:56 AM IST  |  New Delhi
IANS |

Currently, the total business-led IT spend averages up to 36 per cent of the total formal IT budget. Gartner anticipates that in 2023, USD 30 billion in revenue will be generated by products and services that did not exist pre-pandemic

Non-IT leaders to build most of tech products by 2024: Report

Photo for representational purpose. Picture Courtesy/iStock

A new category of buyers outside of the traditional IT enterprise are occupying a larger share of the overall IT market and by 2024, 80 per cent of technology products and services will be built by those who are not technology professionals, a Gartner report said on Monday.


Currently, the total business-led IT spend averages up to 36 per cent of the total formal IT budget. Gartner anticipates that in 2023, USD 30 billion in revenue will be generated by products and services that did not exist pre-pandemic.


"Digital business is treated as a team sport by CEOs and no longer the sole domain of the IT department," said Rajesh Kandaswamy, distinguished research vice president at Gartner.


"Growth in digital data, low-code development tools and artificial intelligence (AI)-assisted development are among the many factors that enable the democratization of technology development beyond IT professionals," he said in a statement.

Also read: IIT-B sets up India's first digital health centre with Koita Foundation

Technology encroachment into all areas of business and among consumers creates demand for products and services outside of IT departments.

This has been compounded by the Covid-19 crisis, which has only expanded the amount and type of use cases technology is needed to fulfill.

The rapid expansion of cloud services, digital business initiatives and remote services has opened the door for new possibilities in integrations and optimization.

Covid-19 has also reduced barriers for those outside of IT to create technology-based solutions by providing an entry point for anyone who was able to serve pandemic-induced needs.

These entrants include non-technology professions within enterprises -- or "business technologists" -- citizen developers, data scientists and AI systems that generate software.

Technology providers are now finding themselves increasingly entering markets related to, or in competition with, non-technology providers, including innovative firms in financial services and retail.

"The latter is creating IT-driven solutions more frequently and with more ambition as more enterprises continue their digital transformation efforts," the report mentioned.

Gartner expects high-profile announcements of technology launches from nontech companies to proliferate over the next 12 months.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!


Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK