IT executives are holding back from spending already-cleared budgets this quarter, according to the latest survey from New York investment bank Goldman Sachs.
The report found that the majority of the chief information officers (CIOs) surveyed plan to spend below their budgeted limit by the end of the year. And this majority has strengthened since the bank's similar survey in September.
Goldman Sachs' IT Spending Survey for 2002 was conducted among a panel of 100 IT executives from Fortune 1000 companies.
It found CIOs are awaiting strong performance in their own businessesbefore returning to spend their IT dollars. IT managers said theirspending is largely at the mercy of the state of their individual verticalmarkets.
"IT spending now seems to be one area where companies actually have clear vision. Unfortunately, the outlook is clearly flat," said the report.
According to the research, the IT market is likely to grow by just two to three per cent until the second half of 2003 at least.
Cutting IT costs and spending remains the top priority among CIOs for the current quarter and into next year, the survey found.
That puts more cuts ahead of other spending priorities, such as application integration, security, and disaster recovery. It is a sentiment echoed by users across the IT market, including the government sector as well as enterprise IT buyers.
"It is of vital importance to justify cost savings from any new project," said Arthur Meachum, a CAD system manager whose firm recently deployed a new Oracle project to update its website in real time.
Although Oracle stood out among vendors in the survey - with the majority of applicable respondents expecting to increase database capacity of their Oracle implementations next year - it is not set to grow its share of budget spending during 2003.
Top market share gainers in the survey include Cisco, Microsoft, and Network Appliance, along with BEA Systems, EMC, Hewlett Packard and IBM.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago