Rising confidence & clarity to become catalysts for IT spending in 2024

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Uncertainty in the state of the economy is waning, with an overwhelming majority (81%) of business leaders across the globe feeling optimistic about what lies ahead. Added to this, 90% now declare they have a ‘clear understanding’ of the future direction of technology, regardless of the industry or company size. With this growing confidence and strong sense of clarity for what is to come, IT budgets will stand to benefit and become healthier than in previous years. In fact, approximately 75% of organisations expect their IT budgets to increase over the next 12 months and just 5% predict a decrease.

Greater investment will likely open the door to richer opportunities for companies to explore new markets and business models, hire additional skilled staff and mature their digital infrastructure. But regardless of where they choose to channel investment, teaming up with third-party technology partners will continue to play a significant role in technology acceleration efforts. However, despite their clear sense of the future direction of technology, companies in our study expressed that they wanted assumptions to be challenged by service partners. As such, relationships built on trust, transparency and collaboration between partners will be key.