# Global technology and cloud services market growth > Live situation record from CLSTR: https://clstr.news/situations/global-technology-and-cloud-services-market-growth > Updated: 2026-10-05T21:04:00.000Z. Sources: 11. Developments: 2. Global technology spending and cloud services are experiencing significant growth, largely driven by advancements in artificial intelligence. Cloud services revenue is projected to grow threefold between 2025 and 2031, potentially exceeding $5 trillion annually. Analysts from Synergy Research Group note that since the introduction of ChatGPT, market forecasts have increased due to the impact of advanced AI technologies. The market remains highly concentrated, with five major players—Google, Microsoft, Meta, ByteDance, and Amazon—controlling 65 percent of global revenues. Total global technology spending is projected to reach US$ 6.31 trillion this year, a 13.5% increase over 2025. Within this, IT services are expected to account for US$ 1.87 trillion. This growth is accompanied by rising costs for businesses maintaining internal IT teams and a high demand for specialized expertise in fields such as Artificial Intelligence, Machine Learning, Data Science, and Information Security. ## Timeline ### 2026-10-05: Global IT services spending projected to reach US$ 1.87 trillion Global IT services spending is projected to reach US$ 1.87 trillion, driven by rising technology costs and high demand for specialized talent in AI, data science, and cybersecurity. 2 sources. https://clstr.news/cluster/global-it-services-spending-projected-to-reach-us-187-trillion ### 2026-10-05: Cloud services revenue projected to exceed $5 trillion by 2031 Cloud services revenue is projected to exceed $5 trillion by 2031, driven by massive demand for artificial intelligence, according to Synergy Research Group. 9 sources. https://clstr.news/cluster/digital-payment-methods-and-security-protocols-in-online-gaming --- Cite as: Global technology and cloud services market growth. CLSTR, https://clstr.news/situations/global-technology-and-cloud-services-market-growth