UK firms are set to spend more than $100bn (£61bn) on implementing new technology this year – a rise of nearly 7% – as bosses splash the cash on big data, mobile and software solutions to boost their operations, according to data from Forrester.
The study shows worldwide technology budgets will reach $2.22tn (£1.3tn) over 2014. The five key areas of spend will be software on $568bn (£347bn), outsourcing (cloud computing etc) $442bn (£270bn), IT consulting $421bn (£257bn), computer equipment $416bn (£254bn), and communications equipment on $373bn (£228bn).
According to report author and analyst Andrew Bartels, the UK will remain one of the biggest spenders in Europe, relative to its economy, with tech spending growing by 6.5% to pass $100bn (£61bn) for the year ahead.
He added: “After no growth in 2012 and a small decline in 2013, a 2.9 % increase in Western and Central European tech spending in 2014 in local currencies will feel like a boom.”
The report notes that spending on technology such as software as a service, mobile devices and tablets, as well as big data tools, will drive growth in 2014, as new ideas and ways of doing business present themselves to firms with renewed budgets.
Given this growth, the report urged leaders at businesses in the so-called “Tech Twelve” nations – such as the UK, US and Nordic nations – to push hard on new projects if possible.
“Businesses and governments in these countries are eager to embrace new technologies and feel competitive pressure to do so given the pace of adoption by competitors in their own and similar countries,” the report said.
“With the prospects for better economic growth in these countries, technology bosses need to stay actively engaged with their business partners (such as marketers) and be prepared to move as aggressively as they do.”
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