Small to midsized businesses (SMBs) are often called the drivers of economic growth and innovation. Unlike big enterprises that have systems and policies firmly rooted in place and may experience change at a slower pace, SMBs move with greater agility and enjoy a rapid pace of growth.
However, they are also vulnerable to major shifts in technology and the economy and must examine their budgets carefully before making a business decision. The Future of IT Survey Report (2024), previously known as the Kaseya IT Operations Survey, aims to provide insights into key trends shaping IT departments at midsized organizations, helping our readers anticipate what lies ahead and align themselves with the larger market direction.
In this blog, we have highlighted the most important takeaways from the report, giving you a quick and easy way to stay informed. We highly recommend that you read the full report to see the complete picture.
Five key insights and observations
Here are five key takeaways from the survey:
AI is the star of the show
Love it or hate it, AI has numerous practical applications. With the ability to automate tedious tasks and speed up processes, it’s no surprise companies are rushing to adopt it. With 28% of organizations focusing on AI and 29% aiming to boost IT productivity through automation, it’s clear that leveraging this new technology to simplify things is a key strategy.
Looking ahead to 2025, automation and AI are poised to be big spend areas, with 40% of the respondents prioritizing investments in IT automation, 37% in AI and machine learning, and 23% in ChatGPT.
Access the full report here to get insights on the impact businesses expect from AI.
Cybersecurity first
Compared to a decade ago, when cybersecurity was an afterthought in IT budgets, it’s now a top priority for organizations. After experiencing some devastating cyberattacks, businesses have learned the hard way that it’s better to take cybersecurity precautions than to deal with an attack after it happens.
Cybersecurity and data protection top the list of concerns, with 48% of organizations identifying this as a primary challenge. As threats from ransomware, phishing and other malicious activities grow, companies are increasingly focusing on enhancing their security measures and investing in advanced protection strategies.
However, it’s encouraging to see that improving IT security is the top priority for nearly half (43%) of respondents in the 2024 report. Key investment areas include email security, endpoint detection and response (EDR), and ransomware protection, which are essential for fighting sophisticated threats.
Download the report for more details on other cybersecurity investments.
Increasing preference for shorter vendor contracts
Respondents have shown an increasing preference for shorter contract periods with vendors. By going for shorter contracts, businesses can adapt to new challenges and opportunities more easily and not be locked into long-term commitments that become less relevant as technology and the market change.
Shorter contracts allow them to pivot quickly and invest in new solutions that better suit their needs, thus helping them to be more agile and competitive in a fast-changing world.
Steady budgets
IT departments have always had to do more with less. Although 21% of organizations see budget constraints as a major issue, budgets for 2024 look relatively stable, suggesting that companies feel better equipped to handle economic challenges and are more optimistic about navigating the uncertainties ahead.
In 2024, 38% of organizations are seeing an increase in their IT budgets, which is a slight dip from 40% in 2023. But here’s the good news: the number of organizations reporting budget cuts has dropped from 18% in 2023 to just 13% in 2024. This trend shows a positive shift in IT spending, with fewer companies scaling back their technology investments.
Unified solutions
SMBs value time, efficiency and speed. One way to achieve all three is to use a unified solution that lets them manage their entire IT from one place. This can’t be done with legacy systems.
That’s why legacy systems holding back growth is one of the top IT challenges for respondents. These old systems are slow, clunky and often incompatible with modern solutions, severely restricting an organization’s ability to innovate and scale. Plus, they are costly to maintain and create inefficiencies that hold back growth.
This is why unified solutions are so valuable. Whether it’s endpoint monitoring, cybersecurity, backup or IT operations, being able to do everything from one place without having to jump between tools is a big advantage for IT departments at SMBs.
Discover more in the report
The report offers detailed information on all the topics covered, along with fascinating data points and valuable insights on work-life balance, the most beneficial integrations, detailed insights on IT budgets and much more. Download the full report now to get the complete scoop.
