While some CIOs continue to operate under financial constraints, more than half of IT leaders are expecting a budget hike this year, according to CIO.
Meanwhile, 35% of CIOs predict that their IT budgets will remain the same and 17% of organizations are reporting a budget increase (up from 15% each of the last two years), per the April 15 story.
For the CIOs upping their budgets, here are the top reasons, according to the publication's survey of 1,126 IT leaders:
1. Need for security improvements: 38%
2. Keep pace with rising costs of technology and services: 35%
3. Investment in emerging technologies (such as AI): 34%
4. Investment in new skills/talent: 29%
Infrastructure modernization/migration: 29%
6. To scale IT operations in support of business growth: 28%
7. Application modernization: 27%
8. Product innovation: 17%
9. One-time purchase or project planned for 2024: 13%
10. Sustainability efforts/investing in clean IT: 12%
11. Competitive/market pressures: 10%
12. Regulation changes: 8%