Barclays-Technology 1H24 CIO Survey 2024 Outlook Sustained

EquityResearch16April2024TechnologyCORE1H24CIOSurvey:2024OutlookITHardwareandCommunicationsSustainedEquipmentNEUTRALThe100responsestotheBarclays1H2024CIOsurveywereU.S.InternetsubmittedduringSpring2024andindicatesustainedspendPOSITIVEexpectationsin2024at3.1%,comparedtoanoverallITAmericasPayments,Processors&ITspendingoutlookin2023thattickedupfrom2.2%to2.4%.ServicesPOSITIVECIOexpectations2023and2024.Growthexpectationsfor2023endedupmovinghighertoU.S.Business&ProfessionalServices2.4%(upfrom2.2%lastsurvey),thoughthe2024outlookhasremainedsteadyat3.1%.LookingNEUTRALatregions,EMEAisdrivingthestrengthwithNorthAmericaalsostrong.Largeenterprises(ITU.S.Softwarebudgets>$1Bn)arepartiallydrivingtheuptickiny/yexpectedspendwithlargeenterprisesPOSITIVEexpectinghigherITspendto2.7%in2024from2%in2023.Weseespendingaccelerationacrossmanyindustries,thoughuncertainmacrocouldadjustexpectations.ITHardwareandCommunicationsEquipmentSoftwaretakeaways.Softwarespendingexpectationsappeartobetrendingrelativelypositive,TimLongparticularlyontheApplicationandBI/analyticsside,whichreinforcesthenotionthatAnalytics+12125264043andCRMsaretwoofthetopthreespendingprioritiesforCIOsoverthenext12tim.long@barclays.commonths.Databasesadditionallyshowedstrengthforthethirdconsecutivequarter.ExpectationsBCI,USforcloudspendingonceagainlookedpositive,andtheimprov...