Knowing how other businesses are allocating their IT budgets might provide you with valuable insights when creating your own. That’s what Spiceworks and Tech Pro Research both believed when they released reports that explored if businesses are planning to increase or decrease their IT budgets for 2018, and how they’re planning to spend those dollars.
1. Very few businesses will be spending less.
11% of the IT professionals surveyed in the Spiceworks study, and 19% of them in the Tech Pro Research survey stated they’d likely be spending less on IT in 2018 compared to their previous spend in 2017. Conversely, that means 80 – 90% of companies aren’t putting their IT budget on a chopping block
2. Money is being specifically allocated to Improve Security.
Cyberattacks are increasing in both number and sophistication. Hence why so many companies are planning to spend on improving security. The Tech Pro Research study noted that 53% of the surveyed businesses had security as a priority for their 2018 IT budget.
Those in the Spiceworks survey indicated they plan to increase their security-related spend with a 10% increase in security software, and a 7% increase in security appliances.
3. Priority given to purchasing new hardware.
According to both surveys, new hardware is also a budget priority item. The Spiceworks study identified desktop computers at the top of most hardware purchasing lists, particularly in medium sized businesses.
4. Thoughts continue upwards toward ‘The Cloud”.
Cloud based services are still rising in popularity, with more money being allocated in budgets than ever before. When Spiceworks compared past and present surveys, businesses examined had increased their budget allocation from 17% of their 2017 IT budget, to 21% of their 2018 IT budget.
5. Low adoption rate for European GDPR Compliance spending.
As of May 2018, if your business processes or stores the personal data of citizens from the European Union, it must comply with General Data Protection Regulations (GDPR). The Spiceworks survey showed that around 43% of North American and European business had budgeted for GDPR compliance. Unsurprising too that less Nth Americans than Europeans had included this item in their budget.