The 2014 State of IT Skills Gap report highlights a $3.6 trillion global IT industry primarily driven by telecom services, IT hardware, software, and services. It indicates significant skills gaps in areas such as security, customer service, and project management and reveals that nearly half of businesses seek improvements in IT skills. The report also discusses challenges in hiring and staffing within the IT sector, emphasizing a growing demand for technical expertise and the necessity for strategic approaches to manage staffing shortages.