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IT spending is trending up, and no business can afford to ignore its tech budget. Find out more about IT spending trends and what they mean for your organization.
IT spending is on the rise, and for good reason. According to Gartner, total tech spending globally will reach $3.9 trillion in 2020. That’s a 3.4% increase over the previous year. But what are companies spending on, and do you need to spend too? Find out more below and discover how our San Jose technology network security company can help you get more value out of your tech budget.
According to Gartner, the biggest jump in spending from 2019 to 2020 relates to enterprise software, which is expected to account for $503 billion in spending in 2020. That’s a 10.5% increase year over year.
Datacenter systems and devices, which saw a down trend in spending for 2019, are likely to trend up again in 2020. Gartner estimates that these categories will see global spending of $208 billion and $688 billion respectively.
But more than 63% of all global IT spend in 2020 will fall into two other categories. Communications services are expected to get a $1.38 trillion investment from global organizations while spending on IT services will total around $1.08 trillion.
IT spending might be enormous on a global scale, but obviously you have to keep the IT budget for your own organization within reason. Lean tech budgets can still cover the important basics, though, and not everyone needs to drop millions on enterprise software when plenty of affordable cloud and Software-as-a-Service options are available. Here are a few areas where businesses of any size should consider allocating IT budget in 2020.
Ultimately, what needs to be included in your IT budget is unique to your organization. But one thing is true across every industry and business: Failing to allocate resources to IT can cause serious security, productivity, and efficiency issues that impact your bottom line.