Singaporean IT heads confident in 10% budget rise for tech advancements

Improving security and cloud computing are amongst key priorities of IT businesses.

Singapore IT leaders lead globally in budget optimism, with 70% anticipating over a 10% increase as companies invest in tech infrastructure for growth, a Colt research revealed.

In Singapore, improving security (44%) and adding AI and machine learning capabilities (32%), are amongst the top investment priorities in the next 12 months.

Singaporean businesses have also identified cloud computing (19%) and investment in collaboration applications as key priorities.

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Colt also revealed that one in three businesses in Singapore and Hong Kong said that implementing emerging tech is a priority, with 25% using IT to explore new revenue streams.

Meanwhile, 28% of businesses in Singapore and Hong Kong are improving network flexibility. However, 13% of businesses in Singapore are much less focused on enabling a remote workforce compared to 20% globally.

The research surveyed 1,114 IT decision-makers across 12 regions (the US, UK, France, Germany, the Netherlands, Spain, Italy, Sweden, Denmark, Singapore, Japan, and Hong Kong) between 30 November and 14 December 2023.