CIO Tech Poll: Economic Outlook 2019
The annual CIO Tech Poll: Economic Outlook research was conducted to gauge how current economic conditions are affecting IT spending plans among IT leaders. The 2019 research reveals that IT budgets will begin to level out as IT executives are focused on balancing innovation and maintaining the status quo. This does not mean, however, that organizations are decreasing their tech budgets. In fact, only 7% of IT executives expect their budgets to decrease over the next 12 months, while 55% expect an increase and 32% expect their budgets to remain the same. The results also look at the U.S. and global economic factors that have caused and are expected to cause future budget shifts.
- IT executives are beginning to better estimate the growth of their technology budgets year over year – 55% expect an increase in tech budgets over the next 12 months, while 44% said their tech budgets increased over the past 12 months.
- Multiple factors affect IT budget shifts, including systems upgrades/maintenance and new projects from Line of Business.
- 97% of IT executives report that their organization is likely to reinvest cost savings from IT efficiencies. These cost savings will go towards new technologies to improve customer engagement/satisfaction, and to improve security.
- Security budget is expected to increase as potential threats increase – 62% of IT executives say they will increase the percent of IT budget dedicated to security solutions, and 41% report there will be an increase in the percent of IT budget dedicated to security risk analysis.
For additional information on this study, view the excerpt below: