IT budgets forecast to show biggest rise for four years

IT budgets forecast to show biggest rise for four years

Corporate IT budgets are expected to see their biggest rise for four years as chief information officers look to raise spending on security, business intelligence and the mobile workforce.

The Gartner survey of 1300 chief information officers worldwide uncovered expectations for an average 2.5% rise in IT budgets, with financial services leading the way. This compares with an incremental 1.4% increase last year following the great IT spending freeze of 2003.

With the rise in spending comes a pressure on CIOs to return more value to the business. Two-thirds of CIOs see their fiefdoms as 'at risk' based on the chief executive's view of IT and its performance.

IT skills will also be at a premium, with only 39% of CIOs believing they have the right people to meet current and future business needs.

The findings chime with the early results from Finextra's own research into IT spending in the securities industry, which project rising budgets and increased recruitment. The results of this research will be released to coincide with Finexpo CTS, Finextra's annual City Technology Strategies event, taking place this year at Cabot Hall in London's Docklands on 28 January 2004.

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