CIO budget forecast shrinks for 2016

A new survey from Nomura Holdings finds IT budget growth is projected to slow down this year.

The survey, reported by The Wall Street Journal found CIOs forecast a 1.2 percent budget growth in 2016, compared to an October estimate of 3.1 percent budget growth.

Analysts from Nomura said the decline comes at a time when IT spending and job growth are slowing. Additionally, the makeup of survey respondents could be influencing the results. Of the 50 CIOs surveyed, one in five had budgets of at least $25 million, while in previous surveys, two in five reported that type of budget.

The biggest driver of spending in IT is security, followed by cloud computing and big data analytics, according to the report.  

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