Innovation Wave Prompts Many Companies to Increase IT Spending and Hiring

By   ISBuzz Team
Writer , Information Security Buzz | May 21, 2015 05:06 pm PST

As information technology (IT) solutions play an increasingly prominent role in business success or failure, companies around the globe are prepared to devote more resources to IT products, services and staffing, according to a new international study released today by CompTIA, the IT industry association.

Business in several countries surveyed for CompTIA’s International Technology Adoption and Workforce Trends Study project strong increases in IT spending over the next year. Nearly onequarter of all firms (23 percent) say they’ll hike IT spending by 10 percent or more.

Close behind are Brazil (6.8 percent), Malaysia (6.7 percent), the Middle East countries of Oman, Saudi Arabia and the United Arab Emirates (6.6 percent) and South Africa (6.5 percent).

For U.S. companies surveyed, the planned average increase in 2015 IT spending is 5.4 percent; for Canadian companies, 5.3 percent.

“Businesses increasingly rate IT as a critically important factor to their success,” said Tim Herbert, vice president, research and market intelligence, CompTIA. “They view technology as the primary contributor in their ability to meet key strategic priorities, whether it’s reaching new customers, controlling costs, improving productivity or becoming more innovative.”

Hand in hand with investments in new technology solutions, IT hiring is projected to pick up in several markets. The CompTIA survey finds that 48 percent of companies expect to increase their hiring of IT staff during 2015. The most bullish hiring forecasts come from large organizations (500 or more employees), where 57 percent expect to add staff this year; and companies in countries with maturing economics (63 percent).

Opportunities created by the accelerated pace of innovation are offset to some degree by the challenges of trying to keep up. Just 15 percent of companies report being exactly where they want to be with technology utilization. Another 41 percent say they’re very close, but that still leaves a significant number of businesses needing to improve on many fronts of technology.

Similarly, about two-thirds of all businesses express concern about the quantity and quality of the IT labor pool. Hiring challenges are especially critical in maturing economies, where a net 83 percent of organizations voice concern about their ability to find workers with the right mix of skills and experience.

The CompTIA report includes some good news on the skills front. The large majority of organizations (92 percent) say their IT staff has engaged in some type of training over the past year. That’s up considerably from the 2013 study, when the figure was 72 percent.

“There is no quick fix to addressing skills gaps,” said Amy Carrado, director, research and market intelligence, CompTIA. “Building and maintaining talent requires a concerted effort, resources and time.”

CompTIA’s International Technology Adoption & Workforce Trends Study is based on a survey of 1,507 business and IT executives directly involved in setting or executing IT policies and processes within their organizations. Countries included in this study are Australia, Brazil, Canada, China, Germany, India, Japan, Malaysia, Middle East (Oman, Saudi Arabia, United Arab Emirates), South Africa, United Kingdom and United States.

The complete report is available at no cost with a simple registration by visiting HERE

About CompTIA

CompTIAThe Computing Technology Industry Association (CompTIA) is the voice of the information technology industry. With approximately 2,000 member companies, 3,000 academic and training partners and nearly two million IT certifications issued, CompTIA is dedicated to advancing industry growth through educational programs, market research, networking events, professional certifications and public policy advocacy. Visit CompTIA online