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LONDON, Nov. 3, 2022 /PRNewswire/ — Despite 87% of digital leaders expecting an economic downturn, global tech spend this year is set to grow at its third fastest rate in over 15 years, as over half (52%) of digital leaders expect their technology budget to rise, and only 12% expect their budget to fall, finds the world’s largest and longest running survey of senior technology decision makers.
But the Nash Squared Digital Leadership Report, in collaboration with CIONET found investment has slowed in emerging tech like AI and Big Data, threatening opportunities to innovate through global economic instability. Although investment remains strong in cloud (63% reporting large-scale usage), companies are cutting back their investment in all the other technologies (Big Data, AI/ML and RPA) that are key to innovation and to gaining a competitive advantage.
Bev White, CEO of Nash Squared said:
"Economic headwinds are gathering and indicators are turning negative – but despite or even because of this, businesses know that investment in technology remains crucial. Both to maximise the efficiency of what they already have and to become more agile and responsive in highly unpredictable conditions, technology is the key enabler. But while technology investment intentions stand at their third highest level in over 15 years, nevertheless there are signs that some businesses are reining back on investment in areas like AI and Big Data. The reasons for this are understandable, but organisations should be careful not to cut back too deeply."
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