Spending news stories

Airwallex has announced the launch of its global Expenses platform, offering modern solutions for organisations to manage their expenses in a quick, seamless and straightforward manner.

According to a new IDC spending guide, U.S. spending on artificial intelligence solutions will double by 2025.

Accuracy and strong attention to detail are essential for finance professionals in order to perform well and to hold the respect of their peers.

According to a new Accenture report, Australian businesses are boosting their cyber security budgets.

Gartner finds that by 2025, 51% of IT spending will have shifted from traditional solutions to the public cloud, compared to 41% in 2022.

Overall spending on tech in Australia is forecast to grow 6.3% to reach A$111 billion in 2022, as analysed in Gartner's latest quarterly IT spending forecast update.

Shifts in household savings, economic growth, leisure travel recovery and consumer spending on stuff versus experiences are in focus as businesses continue to move digital.

Retail is a fast-growing sector, and most businesses leverage customer loyalty to compete more effectively.

IT directors expect a budget increase from their employer as companies play catch-up with projects put on hold during the COVID-19 pandemic.

The cyber spend of Asia-Pacific businesses remains low at just 0.05% of their annual revenue.

"CIOs are looking for partners who can think past the digital sprints of 2020 and be more intentional in their digital transformation efforts in 2021."

"Sales of smart home devices have remained fairly resilient during the global COVID-19 pandemic."

Australian organisations will spend more than A$4.9 billion on enterprise information security and risk management products and services in 2021, according to the latest forecast by Gartner. 

Despite organisations cutting spending in many areas during 2020 due to the impact of COVID-19, security remains a consistent area of increased investment.

The brunt of security spending is still first and foremost focused on IT networks, systems, and data security from a defensive perspective. 

This is a marked improvement from last year, where IT spending declined by 3.2% in the wake of the COVID-19 pandemic, which forced IT teams to prioritise mission-critical infrastructure over IT spending.

The revenue growth is driven by the rise in enterprises' need to organise, categorise and structure content in a meaningful manner.

“Gartner expects larger enterprise data centres sites to hit pause temporarily and then resume expansion plans later this year or early next. However, hyperscalers will continue with their global expansion plans due to continued investments in public cloud.”

“While some organisations are talking a good story … predicted spending shows that most have the wrong focus.”

Global spending on cloud infrastructure services reached $34.6 billion in Q220

The sector will see its revenues grow from US$243 billion in 2019 to $258 billion this year, according to new research from Gartner.

While spending on some technologies, like cloud and remote platforms, has seen an uptick, IDC says a ‘significant’ overall contraction will be felt in the next few months.

Recent forecasts may point towards declines in overall tech spending in 2020, but there also opportunities where business may be looking to increase short-term investments as part of their response to the COVID-19 crisis.

Australia and New Zealand are estimated to witness the highest compound annual growth rates (CAGR).