IT bosses are expecting their budgets to continue growing in 2015, according to a new report from advisory firm CEB.

The study saw researchers question more than 160 IT executives on their predictions for the coming year, forbes.com reports. It found that CIOs are expecting their budgets to rise by approximately 3.3 per cent during 2015, marking the steepest incline since the recession hit in 2008.

Interestingly, the results also show that around a third of the average IT budget is now dedicated to “business opportunity and innovation”, meaning its spent predominantly on unplanned business needs and the development of fast-growing roles.

According to CEB managing director Andrew Horne, the stats should come as no surprise given the importance of technology in today’s enterprise environment.

He told cbronline.com: “Today, nearly 75% of a company’s priorities hinge on technology – whether that’s using data to enhance a product or service, or adopting a new digital business model – meaning IT will work more closely than ever with functional leaders to drive corporate performance.

“In 2015 CIOs will focus on making IT quicker to adapt to rapidly changing digitization opportunities, and prioritizing investment in improving the digital customer experience.”

CEB’s study went on to focus on the impact of the cloud on modern businesses, and found that 91 per cent of companies now allocate some of their budget to the technology.

Author: Graeme Parton