GoodFirms, a globally renowned research, ratings, and reviews platform, recently released its new research report-"Global IT Spending By Industry." The survey was initiated to understand how organizations are planning their current and future IT investment, areas for allocating IT-focussed budgets, and factors affecting their IT spending targets.

Upgrading outdated IT infrastructure is a prime factor affecting IT spending, assert 61.2% of the surveyed businesses.

Enterprise IT spending is seeing a deep rise despite the fear of inflation. More than half of the surveyed organizations have already set a budget for their current and future IT demands. GoodFirms' research results reveal significant challenges that organizations encounter in preparing their IT budgets and investment policies, including resource allocation, procurement, and implementation. The survey further explores the key IT investment trends that businesses can capitalize on in 2023.

The survey discloses that the purchase of PCs, Laptops, Servers, and other hardware devices and subscriptions for cloud services are the top areas of investment spending on IT goods and services.

Increase in product/service costs, shipping delays, limited availability of products/services, shortage of skilled IT labor, chip shortages etc., are the significant challenges that organizations encounter while purchasing new hardware/software.

The research further discloses some interesting facts on IT spending; the most cited investment being on software applications: 40.7% of surveyed organizations revealed their plans to spend their maximum IT budget on CRM systems. 36.8% plan to buy project management systems, and 26.8% indicated their maximum budget would go to document management systems.

The research also analyzes how investing in IT infrastructure and software tools can help businesses solve current challenges such as pandemic-led disruptions, hypercompetitive environments, and underlying recession.

GoodFirms research findings concludes that with evolving technologies, companies should have a robust strategy to allocate financial resources for purchasing and implementing IT software, systems, solutions, and tools.

Key Findings:

57.5% of surveyed organizations expect their total IT spending to be 20% to 40% of the overall 2023 financial budget.
Surveyed businesses spend 57.2% of their IT budget on hardware.
45.7% of the surveyed organizations set IT budgets aside for software.
66.2% of the respondents expect their organization's overall number of IT staff will increase this year.