According to a recent study conducted by Omdia, the global IT budgets are anticipated to soar to an impressive $12 trillion by the year 2031. This substantial sum will be allocated as follows: $8.2 trillion dedicated to IT investments, and $3.8 trillion allocated to employee salaries and other operational costs. The research institution further projects that the proportion of IT budgets within corporate revenues will steadily increase, rising from 4.2% in 2024 to 4.5% by 2031. Notably, during this period, applications are forecasted to emerge as the most significant category within IT budgets, experiencing a remarkable growth of $1.3 trillion.