The IT budget is growing at a rapid pace and is expected to surpass the 2021 figures. A 2022 State of the CIO report identified the top 10 business needs that drive IT spending.

These include increasing cybersecurity protections (49%), increasing operational efficiency (46%), improving customer experience (42%), transforming existing business processes by 41% and improving employee productivity (27%).

Others needs on the list include improving profitability (24%), new product development (22%), improving hybrid work technologies (21%), increasing topline revenue for the business (20%), and meeting compliance requirements (19%).

Another report by the Info-Tech Research Group in its CIO Priorities 2022 report found similar trends.

According to Info-Tech, the top priorities for competing in the digital economy include reducing friction in the hybrid operating model, improving ransomware readiness, supporting a worker-centric retention strategy, developing an automation platform and preparing reports on new ESG indicators in the areas of environment, social affairs and governance.