Dynamic Business Logo
Home Button
Bookmark Button

Image Credit:
Lukas Blazek

Aussies are investing more in software than their US and UK counterparts, a trend likely to continue in 2023

Compared to their US and UK counterparts, Australian professionals are more optimistic about using software in the office; more than one-third are highly satisfied with the tools’ ability to boost productivity.

The study also discovered that spending is expected to continue in 2023, with 68 per cent of local IT professionals wanting to increase software budgets while consolidating platforms and putting a premium on user-friendly and platform-integrated products.

Aussies are investing more in software than their US and UK counterparts, a trend likely to continue in 2023

However, Australian respondents outpaced respondents from the United States and the United Kingdom in the poll, with 35 per cent identifying significant scope for improvement in their tools to raise overall productivity and efficiencies, compared to 29 per cent and 26 per cent, respectively. 

According to a Monday.com survey, more than half (56 per cent) of AUS IT decision-makers increased their software spending in 2022, and more than two-thirds (68 per cent) plan to do the same in 2023.

The study also discovered that, with only 50 per cent using four or more platforms every day, Australians use the least number of software tools necessary for their daily job functions. 

Australian IT professionals are more likely to cut the total number of software platforms, stating that three or more tools might be deleted without hurting productivity, despite their more simplified use of platforms compared to US and UK decision-makers. There are several noteworthy conclusions in the report on how IT decision-makers will approach their work this year and in the years to come.

Aussies are investing more in software than their US and UK counterparts, a trend likely to continue in 2023

“These results emphasise that digital transformation is not only well underway here in Australia, but set to accelerate over the coming years,” said monday.com Vice President Asia Pacific and Japan Dean Swan.

“While trends emphasise consolidation and platforms that work intuitively with others, we expect 2023 to be a strong year for the software industry, with companies doubling down on tools that increase efficiencies. It’s clear Australian IT professionals are more focused than ever on making their teams more productive and efficient through software that has high adoption and enables productivity in any environment, whether in person, remote, or hybrid.” 

The era of digitisation

Gartner’s latest forecast projected a total Australian IT spend of AU$117.2 billion in 2022, increasing by 13.1 per cent from 2021. “This year is proving to be one of the noisiest years on record for CIOs,” Gartner distinguished research vice president John-David Lovelock said.

“Geopolitical disruption, inflation, currency fluctuations and supply chain challenges are among the many factors vying for their time and attention, yet contrary to what we saw at the start of 2020, CIOs are accelerating IT investments as they recognise the importance of flexibility and agility in responding to disruption.

Aussies are investing more in software than their US and UK counterparts, a trend likely to continue in 2023

“As a result, purchasing and investing preference will be focused on areas including analytics, cloud computing, seamless customer experiences and security. 

According to Gartner, the effects of the two-year rise in pricing for IT hardware, including PCs and mobile devices, are starting to trickle down to software and services. Additionally, salaries are becoming more competitive due to the present IT skills scarcity. This necessitates price increases from technology service providers, ultimately resulting in higher spending in these sectors in 2022 and 2023.

Furthermore, according to Gartner, the expanding use of managed services, infrastructure, and enterprise application software in the short and long term suggests that the digital transformation trend is systemic and long-lasting rather than passing after one or two years. 

According to Gartner, corporate applications and infrastructure software spending will rise by double in 2023 due to digital business activities such as supply chain optimisation and experiential end-user experiences. According to Gartner, the Russia-Ukraine crisis will not impact Australia’s IT spending. Instead, price and wage inflation are expected to impact CIOs’ plans more in 2022 than combined talent shortages and other delivery issues.

Visit monday.com here.

Keep up to date with our stories on LinkedInTwitterFacebook and Instagram.

What do you think?

    Be the first to comment

Add a new comment

Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

View all posts