Data analytics, cloud, machine learning and AI technology will dominate the spending of chief information officers over the next three years, triggered by a growing recognition of the power of data science.
According to a study among CIO magazine’s "Power 100", 93% expect to invest in data analytics, compared to 79% in the 2018 research, with 91% predicting they will invest in the cloud, compared to 84% in 2018. Meanwhile, 85% say they will invest in machine learning and AI compared to just 53% last year.
However, some emerging technologies such as AR/VR, wearables and 3D printing are of decreasing interest, while interest around CRM and infrastructure all remained relatively static.
The study appears to support the Gartner Worldwide IT Spending Report, published in January, which projected that spend would rise to $3.76 trillion in 2019.
At the time, Gartner research vice president John-David Lovelock said: “Despite uncertainty fuelled by recession rumours, Brexit, and trade wars and tariffs, tech spending in 2019 will see further growth. IT is no longer just a platform that enables organisations to run their business. It is becoming the engine that moves the business. As digital business ecosystems move forward, IT will be the thing that binds the business together.”