As the new year approaches, it’s time for our annual checkpoint on the technology investment trends anticipated by industry leaders. A recent joint poll among members of the CIO Professional Network and readers of The National CIO Review has shed light on the top technologies CIOs, CTOs and CISOs expect to see increased spending in their 2024 budgets.
Here’s an overview of the top three areas identified for the upcoming year.
Artificial Intelligence (AI) – A Top Priority
AI is projected to be the leading area for increased investment in the new year, garnering the top spot with 26.53% of respondents. This trend reflects the growing recognition of AI’s potential to transform business operations. Members and readers anticipate investing in AI to enhance automation, improve decision-making processes, and foster innovation.
The focus is on leveraging this emerging technology to drive efficiency and create new opportunities in various business sectors.
Data Analytics and Business Intelligence – Gaining Momentum
Data analytics and business intelligence are expected to receive significant attention, garnering 23.47% of the votes. This investment trend highlights the critical role of data in shaping business strategies. The CIO Professional Network members and The National CIO Review readers recognize the importance of harnessing data for gaining insights, predicting trends, and making informed decisions.
Investments in these areas are aimed at transforming data into a strategic asset for competitive advantage.
Cybersecurity Solutions – Essential Focus
Cybersecurity is identified as a key investment area for the new year, stated as the number one increase in budgetary spending for 18.37% of technology leaders. In an era of digital transformation, the need for robust cybersecurity measures is more pronounced than ever. The poll participants are keenly aware of the importance of protecting digital assets and infrastructure from cyber threats.
The focus is on adopting advanced security technologies and practices to safeguard against data breaches and cyber attacks, ensuring business resilience and customer trust.
The Wrap
The poll results indicate that AI, data analytics, and cybersecurity are the top three technologies expected to see increased spending in the new year by technology leaders. These investment decisions reflect the continued evolution of priorities for organizations, emphasizing the need for innovation, data-driven decision-making, and enhanced digital security.
As we step into the new year, these technology trends are poised to significantly influence business strategies and operational efficiencies across all industries. CEOs take note.
