As the digital transformation is underway and accelerating in many industries, the information technology (IT) infrastructure of organizations is becoming increasingly crucial to an organization’s success. This is true across most sectors, including business, government, and non-profit.
The role of technologies in value creation is affecting budgets and investments
IT budgets remain an important cornerstone to organizations around the world. This is because business success today correlates with technology competence, which is illustrated by the convergence of technology and business strategy. Companies rely on technologies to improve customer experiences as much as they utilize them to enhance management processes.
All in all, smart investments in technologies help companies out-innovate competitors and remain agile and highly adaptive in a quickly changing global marketplace. However, it should be noted that the size of a company does play a role in how businesses allocate their IT budgets. Smaller companies tend to spend a higher share on software and hardware whilst larger companies have a greater demand for managed services.
Different types of products that receive investments
It is not surprising that businesses are investing in a plethora of technologies to make their business operations more efficient. For example, companies invest in machine learning, artificial intelligence, cloud computing, and blockchain to secure competitive advantages in the market. Other priorities for investments include digital transformation and cybersecurity. Finally, spending on data centers and the underlying information technology infrastructure ensure a properly working business environment.
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In the following 7 chapters, you will quickly find the 35 most important statistics relating to "IT budgets & investments".