Enterprise spending on innovative digital projects is projected to represent 55% of total IT spend by 2023, up by around 10% from 2021, according to a leading management consultant.
Ashley Skyrme, a senior managing director at Accenture, said there is plenty of evidence that companies are increasing budgets for both new and existing technologies as 2022 gets underway.
Spending, she said, will be focused on areas where CIOs can quickly implement new use cases that deliver proven value and where speed to market is critical. In particular she identified AI, blockchain and AR/VR as likely areas for investment. She also expects greater efforts to develop platforms for the exploitation of data with improved analytics, and more projects aimed at the digitalisation of the value chain. She additionally expects investment in staying secure and in better regulatory compliance even though these have no direct revenue impact.
In the past, Skyrme has written about how businesses are at a tipping point where cloud spend will soon surpass non-cloud spend: “When I talk to clients now, they aren’t asking how to migrate to the cloud, but about how to get more value out of cloud by creating different experiences and products and simplifying how work gets done,” she noted.