IT leaders adjust budget priorities as economic outlook shifts

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Budget planning during uncertain economic times is never CIOs’ favorite activity. But the next eighteen months aren’t shaping up to be as challenging as some may fear. For the most part, budgets are holding steady or growing in the single digits, with continued investments in security, analytics, and the cloud, among other areas. Gartner predicts 2023 IT spending will grow 5.1% compared to this year, says John-David Lovelock, distinguished VP analyst at the firm. “We haven’t changed our forecast in three quarters,” he says, noting that the US gross domestic product (GDP) is, technically, alrea…

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