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.
More articles on CIOs:
Why are so many CIOs, IT pros also musicians?
How CIOs can become CEOs: Thoughts from Salesforce.com CEO Marc Benioff
CIO salaries growing quicker than the average worker’s
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.