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This includes spending on strengthening cybersecurity (35%), improving customer service (32%) and improving data analytics for real-time business intelligence and customer insight (30%). CIOs anticipate an increased focus on cybersecurity (70%), data analysis (55%), data privacy (55%), AI/machine learning (55%), and customer experience (53%).

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However, surveys show that most companies intend to increase IT spending in 2023. A Spiceworks Ziff Davis survey , for example, found that even for businesses that plan to cut back in other areas, tech spending will increase. In a market downturn, reducing spending would seem to be the prudent course to pursue.

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5 hot IT budget investments — and 2 going cold

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