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Alternative Market Briefing

77% of CIOs and CTOs increase their technology spending despite the sector having been hit hard

Wednesday, September 21, 2022

Laxman Pai, Opalesque Asia:

Though high-growth technology companies have been hit the hardest by recent market shifts, however, 77% of companies are expected to either increase their technology budgets in 2023 or keep them the same, said a study.

According to new research from Bain & Company, however rocky the next year may be, technology will continue to play a central role in the global economy, helping to shape how companies create sustained value.

"Of course, there may be budget pressure in the future, but over the long term, to CIOs and CTOs tech is not so much a cost as an investment that spurs productivity," Bain's third annual global Technology Report said.

Despite the current economic climate, technology will remain a critical investment and a central source of productivity across global businesses, it pointed out.

"Value is largely determined by innovation and revenue growth and today the technology sector has been hit hard," said David Crawford, leader of Bain & Company's Global Technology practice. "Still, CIOs and CTOs are increasing their technology spending. Increasingly business leaders view technology as an investment in driving productivity, speed, and competitiveness even in difficult budget environments."

As companies consider ways to leverage new technologies, they do so within the context of unprecedented geopolitical, macroeconomic, and innovation trends.

As the US heightens its regulatory oversight of Chinese companies, China......................

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