The recession looms on the horizon, but that will not stop IT leaders from increasing their budgets next year, according to a new report from the analyst firm CCS Insight. From a poll involving more than 730 senior IT executives, the report concluded that about 2 out of 3 of the respondents expect more significant budget allocations next year.
This is irrespective of the financial turmoil that companies are going through because of Covid-19. The pandemic will also have a direct impact on how the budgets will be allocated. There will be a focus on enhancing the quality of remote collaborations and beefing up cloud security.
The pandemic has forced businesses to fast track their innovations and bring their ten-year plans even closer, cutting the time planned for such transformations by half. CCS Insight say that they expect this trend to continue since it has already started.
Half of IT workloads will be in the cloud, expected to hit a total of 56%, by next year. CCS expects businesses to adopt a multi-cloud model. At present, Azure is the most widely used public cloud, beating out Amazon’s AWS, Google Cloud, and IBM.
It’s all about trust
According to Nick McQuire, the senior Veep of Enterprise Research at CCS Insight, the pandemic has forced customers to place a lot of trust in their technology suppliers, especially in the cloud domain. Because of that, trust and security are some of the top priorities for the IT industry leaders.
The next phase of the crisis will involve addressing the security issues plaguing a lot of businesses. The themes that will shape the market in the future will be built on the principles of security, trust, and digital transformation.