There has been a series of economic and geopolitical turmoil that has brought one impediment to another for many industries, and the technology industry is no exception. This kind of climate creates many unpredictable scenarios. If companies are unsure of what the future will look like, they will be hesitant to put their budgets into any sort of advancement or progress, taking everything into account. account.
Nevertheless, a new report from Bain reveals that about 77% of companies plan to increase their technology budgets in 2023 compared to their 2022 budgets. This is down from 90% last year. Same but now that it’s all been said and it’s out of the way now that the majority are still planning to invest even more than in the past due to the importance of technology related innovation It’s important to be careful.
Venture capital investments over the past few years seem to confirm that the technology train shows no signs of stopping. About 75% of venture capital money is spent on enterprise software and IT infrastructure. Now that IT has completely dominated the consumer sector, it makes sense for the focus to shift to the commercial sector, and it will be interesting to see if the current global climate affects the future. I guess.
Additionally, AI seems to be a hot topic for investors. About 86% of the tech professionals and professionals who responded to the survey say AI is becoming the norm when it comes to customer acquisition and sustained growth. In short, companies are compelled to invest in AI today, and in the near future, we may continue to see increased investment in this area.
Yet only 20% of companies actually have the infrastructure to properly leverage AI. This could create some roadblocks going forward and suggests that current investment inflows are purely speculative rather than utilitarian.
READ NEXT: Fintech Marketplace Has Larger Share Of Investors From Across Android Devices As Opposed To Apple Devices