Breaking Analysis: 2024 IT Spending Outlook Shows Cautious Start With Optimistic Finish
theCUBE research, Saturday, January 20th, 2024
Recent spending intentions data from more than 1,700 IT decision makers indicates that executives expect technology budgets to grow at 4.3% this year. That's up from roughly 3.5% in 2023 and is higher than the expectation in October which was 3.8%.
But the forecasts for 2024 are backend loaded. Moreover, while some sectors such as energy and regions like APAC expect higher growth, many of the largest companies and big spenders plan to grow below the mean. The good news is that full year 2023 spending came in higher than expected, indicating a strong finish to the year.