The IT spending picture looks much brighter in 2021 for US companies, according to a recent Bain & Company survey of a cross section of IT decision makers. Last year, the Covid-19 pandemic and subsequent economic shock led companies of all sizes to cut their IT budgets, in many cases by up to 20%. Now, things appear to have stabilized. Most companies surveyed said they plan to increase or at least maintain their technology spending in 2021, compared with 2020 levels. Only a third of large and medium-size companies plan to cut their IT spending this year, and no small companies surveyed plan to do so.
Bain’s inaugural report on the state of the industry examines how leading companies are investing in tools to increase resilience and accelerate growth.