Investments in IT hardware and software have hit an all time high since the height of the financial recession in 2009.
Business spend in information and communications technology increased 24% to £34.4 billion last year, compared to businesses’ IT capital spending of £27.6 billion in 2009, according to BNP Paribas Leasing Solutions
BNP found that private sector IT investment has now exceeded its pre-crisis peak of £30.9 billion in 2008.
The growth in IT spending is being leveraged by software investments, which represent 80% of companies IT spend.
The company found that software spending was 6% up last year to £27.5 billion, from £25.8 billion in 2013. In Q1 2015 businesses have spent £6.9bn on software.
Aingaran Pillai, CTO at Zaizi, told CBR: “Whilst there are certainly positive signs that the recession period is receding for the UK’s IT sector, I don’t think we can count our chickens just yet. There is much flux in the global economy – China being a key one – that makes companies nervous about what the future holds. IT spend will be impacted by these factors.
“The rise in software spend demonstrates organisations need to be smarter and faster, but they need to ensure they are investing in the right technologies that will help them to streamline their work processes to support the business that they are now and the business they want to be in the future.
“Ultimately, companies investments are only smart if they are future proof.
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