Information Technology Budgets are Expected to Rise in 2022

The Wall Street Journal’s John McCormick reports that IT budgets, which are expected to increase 2% this year, are forecasted to grow 3.6% in 2022, according to research released Monday by Gartner Inc. [1] The technology research and advisory firm based its finding on a global survey of almost 2,400 CIO and technology executives across industries. According to Gartner, the budget increase is attributed to companies investing in technologies that are flexible and modular to confront any new business opportunity or challenge that comes their way – pandemics, climate change, quicker integrations. Those executives that claimed to be most adaptable expect revenue to increase more than 7% next year.

Key Highlights:

• Two-thirds of surveyed IT executives plan to increase investments in information security and cybersecurity
• 51% plan to invest in business intelligence and data analytics tools
• 48% plan to increase spending on cloud platforms
• 37% plan to increase spending on integration technologies and application programming interfaces

Along with an increase in IT budgets, companies are rethinking and adapting their post-pandemic IT spending. As McKinsey has reported in their ongoing Covid-19 briefings [2], companies are identifying a new set of priorities including cloud computing, optimizing dispersed hybrid teams, and competition for talent. Having no playbook for this type of interruption and in the face of the ongoing Great Resignation, companies must commit to a long-term hybrid working model that facilitates collaboration, communication, and efficiency. At Bluewave, we focus on working with you to determine the right technology and solution for your communications roadmap. During the COVID-19 pandemic, we helped our clients scale with solutions, such as upgrades to UCaaS, whereby improving their global communication and collaboration with remote customers and employees. If you need help sifting through the numerous technology solutions that will enable you to drive results, then we are here to help. Our unique strategic sourcing process enables clients to run companies efficiently and securely utilizing the best technology and services available.

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Sources:

• IT Budgets Rising at Faster Rate
• COVID-19 Implications for Business