Here’s some good news for CIOs: IT spending is expected to grow 6.2% in 2021, according to the researchers at Gartner, who predict worldwide IT spending will hit $3.9 trillion this year, up from $3.7 trillion in 2020. Accelerated digital transformation is driving much of that increase, Gartner says.
“Cost savings remains a huge area of focus right now,” says Ashwin Venkatesan, Vice President of Everest Group, a management consulting firm. He predicts that plenty of CIOs will actually see level-funded budgets this year; not everyone will get a 6.3% bump in spending. According to CIO.com’s 2021 State of the CIO report, only 49% of IT leaders expect their budgets to increase, with 39% remaining level, and 12% preparing for an average decrease of 18%.