IT buyers feel pressured to invest in new tech without weighing long term consequences: Report

Over 60% of IT buyers feel pressured to invest in new technologies based on current needs without being able to fully explore their consequences in the longer term, a new study has revealed. Over a fourth of the respondents of this study said that they expect the scrutiny around purchasing decisions to increase in the next five years.

Storage technology provider Pure Storage partnered with polling agency Wakefield Research to release this report that identifies obstacles faced by organisations in modernisation and investment prioritisation. The report, “IT Leader Insights: The State of IT Modernization Priorities and Challenges Amid Economic Headwinds,” was based on survey responses from 500 IT buyers working in over 500 companies across the US and Europe.

Four out of five IT buyers are planning to invest in emerging technologies due to global economic conditions, while a third of them plan to invest more significantly. The increase in tech adoption is most likely due to the need to deliver services faster and more reliably.

Nearly all IT buyers surveyed said that they plan to modernise their IT infrastructure to better suit and support future technology investment in the next five years. According to the respondents of the survey, the top areas of IT infrastructure that need updating include network and security (58%), data management or storage (52%), and data centre facilities (50%).

In terms of tech investments, it was found that more than half of the IT buyers are prioritising artificial intelligence, machine learning, and sustainability technology investment for the next five years. About 46% said that they will invest in infrastructure automation and orchestration.

Notably, Mint reported on April 12 that while global AI investments dipped since 2021 due to the economic slowdown, experts said that VCs may invest more especially due to the increased interest in generative AI. The Stanford AI Index report released last month showed that India ranked fifth in terms of AI investments. In 2022, the total investment in AI startups was $3.24 billion.