93 Percent CIOs Expecting Cloud Budget to Increase in 2023

The studies have recently surveyed nearly 600 C-suite and IT decision-makers in the UK. And the United States examines how the current global economy is impacting the priorities of IT. The survey was done with a primary focus on improved cloud cost management and to tackle the reduction of technical debts.

The survey revealed that despite 93 percent of Chief Information Officers (CIOs) expecting the budget of IT to increase in 2023. But 83 percent of CIOs also said they are under great pressure to make their budgets stretch more than before.

According to the survey reports, 72 percent of CIOs admitted they are behind the digital transformation due to technical debt. It mainly concerns as 92 percent of CIOs are supposed to deliver digital transformational initiatives that act as revenue generators in 2023. Again, 38 percent said that debt accumulation is mainly because of rushed cloud migrations during the pandemic where 31 percent failed to optimise their workloads before initiating the migration process.

As per the survey findings, 45 percent of CIOs believe having improved transparency and cloud cost control would help to extract more excellent value from their cloud investments. Thus, enhancing company buy-in. Also, 80 percent plan to level up their investment in FinOps to achieve this and 39 percent say they will use cloud-native tools to lower the licensing costs. And lastly, security also remains a priority, with an increase of 92 percent in the investment space.