74% of Enterprise IT Budgets are Increasing, Driving Business Growth

Omdia’s tenth annual IT Enterprise Insights study has revealed that IT has become one of the main drivers of value to an enterprise, with almost three-quarter (74%) of respondents confirming increases to their overall budget allocated to enterprise IT in 2023, compared to 62% in 2022.

As evidenced by the survey of over 6,500 global IT executives, when looking at the priorities of the IT department in the enterprise, the top business priority is increasing operating efficiency, while the top IT priority is managing security, identity and privacy.

While Generative AI (GenAI) development is following a rocket trajectory, for many industries this has not yet resulted in a big shift in their enterprise technology priorities and spending, as witnessed by their current spend allocations in the survey. However, this is expected to change rapidly as enterprises are moving GenAI solutions from evaluation and lab stages into production environments. in line with more vendor initiatives coming on stream and wider market adoption.

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“The term every company is an IT company has never been truer,” said Cem Nurkan, Enterprise Technology Research Director, Omdia. “We are seeing a marked shift from Information and Communications Technology being seen predominantly as an engine that keeps the business running into becoming a key source of both creating additional value to an organization and attracting and keeping talent.”

Nurkan added, “Understanding business challenges, IT investment priorities and objectives, as well as budget changes across industries and markets is of key importance. Our research offers essential information for technology vendors to effectively position their technology to their clients.”

Omdia’s annual IT Enterprise Insights research helps IT suppliers understand the changing needs of their customers and ensure their strategies align with customer needs. To conduct the research, Omdia interviewed over 6,500 senior IT executives on their organizations’ investment plans and priorities across 56 countries and 16 industry sectors.

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business challengesDriving Business GrowthGenAIidentityInsights researchIT EnterpriseIT priorityNewsPrivacyrocket trajectorySecurity