80% of businesses expect IT budgets to grow or remain steady in 2021

2020-09-21 03:30

Among businesses taking part in the study, 33% plan to increase their IT budgets in 2021, compared to 44% in the prior year, while 17% of companies expect IT budgets to decline in 2021.

Among the businesses increasing IT spend in 2021, the following factors will influence budget growth next year: Increased priority on IT projects, changes to business operations during COVID-19, and the need to support a remote workforce.

As in previous years, hardware will still account for the biggest portion of IT budgets in 2021.

As a percentage of total IT budgets, anticipated spending in this category has dropped significantly in the last two years - from 35% in 2019 to 31% in 2021 - as businesses increase cloud and managed services spending.

While businesses will continue to invest in emerging tech, adoption plans are expected to drop significantly year over year, especially among smaller businesses, which will deprioritize cutting-edge features in favor of more pressing needs such as updating outdated infrastructure and securing a remote workforce.

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