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Majority of IT leaders expect a budget increase, despite recession

(Image credit: Image source: Shutterstock/faithie)

Despite the looming recession, most IT leaders expect a budget increase next year, according to a new report from analyst firm CCS Insight.

Based on a poll of more than 730 senior IT execs, the report states that two thirds of respondents expect bigger budgets next year, irrespective of financial turmoil brought about by coronavirus.

The pandemic will also inform the way budgets are allocated next year, with an emphasis on remote collaboration services, cloud solutions and cloud security products.

Covid-19 has forced businesses to accelerate their digital transformation efforts and transition to the cloud. CCS expects this trend to continue, with the proportion of businesses holding more than half of their IT workloads in the cloud expected to double next year, hitting 56 percent.

CCS also expects expects businesses to adopt a multi-cloud strategy, with Microsoft Azure the most widely used public cloud, beating out IBM, Google Cloud and AWS.

"An enduring feature of the pandemic has been the elevated importance customers now place on their trust in technology suppliers, particularly cloud providers," said Nick McQuire, Senior Vice President of Enterprise Research at CCS Insight.

"In this respect, security and trust are among the top priorities for senior leaders as we move into the next phase of the crisis. Trust and security are clearly important themes that will shape the market."