(IoT, automation, and cybersecurity have seats at the table again next year)

CIOs have always had a lot to consider when planning their annual IT budgets, and strategies for next year may be even more complicated than usual. That’s because numerous political and macroeconomic trends such as trade wars, tariffs, the possibility of recession, and the impact of Brexit, are forcing IT executives to take a hard look at how best to allocate their precious dollars.

Veristor invites you to dive into the 2020 IT budget numbers shared in this ZDnet article entitled, “IT budgets 2020: How the money will be spent and who will spend it.” Gathered from multiple sources such as the U.N. Department of Economic and Social Affairs, Gartner, IDC, Computer Economics, Harvey Nash/KPMG, and others, this article paints a comprehensive picture of how the forces at work across the globe could impact CIOs, their planning cycles, and their budgets.

Trade disputes, climate change, and a global slowdown are expected to affect spending in technologies, industries, and staffing. Surprisingly, against this backdrop of uncertainty, Gartner forecasts that IT spending in 2020 will increase 3.7% over 2019 while IDC estimates that it will increase 5.6% year over year, both very healthy improvements. Some of the bright spots in the outlook include enterprise software, the continued migration to cloud applications and infrastructure, and new technologies such as AI, robotics, IoT, and next-generation security.

The article also drills down into some of the underlying trends driving efficiency in IT operating budgets, such as the adoption of automation that makes it easier to save money than to seek approval for an increase in spend. Although staffing across the board is projected to remain flat, certain sectors look more promising than others, with IT budget increases expected in financial services, advertising/PR, and leisure and entertainment.

You’ll also get a glimpse into CIOs’ priorities and key investments as they lead their organizations through digital transformation, and how that has impacted technology strategy and funding. One thing is clear − times are changing, and quickly, for CIOs, IT budgets, and technology in general.

Given the complexity of the today’s marketplace and the global trends affecting it, now is a good time to re-evaluate your IT strategy and consider working with a partner who can help you optimize investments in emerging technology and leverage synergies across your solutions to best position your business for the days and months ahead.

Read the article to get more information on trends and stats for 2020.

Get IT here.