2024 Channel Forecast Report

The current economic forecast for the United States and much of the world indicates slow growth through 2024. Interest rates remain higher than the preferred range for sustainable economic growth. Inflation, though lower, continues to hinder business spending. Myriad geopolitical issues and conflicts across the globe are leading to an uneven economic landscape, especially in Europe, the Middle East, and Latin America.

At the same time, the technology market is bracing for a new wave of opportunities, fueled by the rapidly evolving range of artificial intelligence technologies. Market analyst firm IDC reports that AI spending is set to exceed $40 billion this year, with 40% allocated to new AI-capable or AI-enabled infrastructure, and up to 27.5% dedicated to services. The AI market is projected to reach about $140 billion over the next three years. Industry partners are actively investing in AI partnerships and capabilities to harness this growth.