Driven in part by the move to the cloud, enterprise IT spending is projected to hit $3.76 trillion this year, which was a 32% increase over 2018, according to a forecast by Gartner.

The shift to the cloud is a key driver for IT spending with worldwide enterprise software spending projected to grow 8.5% this year for a total of $431 billion. Enterprise software is projected to grow another 8.2% next year to reach a total of $466 billion, according to Gartner.

Gartner said organizations were expected to increase their spending on enterprise application software in 2019, with more of their budgets shifting toward software-as-a-service (SaaS) offerings.