A recent survey of Chief Information Officers (CIOs) conducted by Mizuho shows a favorable outlook for the IT services industry, especially as it relates to the growing use of generative AI (GenAI) services.
“Our survey identifies several areas of growth for IT services,” reports Mizuho, after gathering input from more than 50 midsize business CIOs across multiple industries.
An important fact is the significant impact of GenAI. Mizuho found that more than 80% of participants have already started using IT service providers to integrate GenAI, and an impressive 90% plan to do so in the next twelve months.
The survey also shows that increased use of GenAI will lead to increased spending on IT services. Approximately 65% of CIOs said that spending on GenAI is additional funding rather than a reallocation of existing budgets.
In addition to optimistic forecasts, nearly 60% of respondents expect spending on IT services to increase over the next year.
Acknowledging that these findings may contradict a general sense of caution in the IT services market, Mizuho explains this difference by noting that the survey focused on medium-sized businesses.
Mizuho argues that the financial obligations of these businesses probably did not have as much of a negative impact as the obligations of large corporations.
In summary, Mizuho’s survey highlights the growing adoption of GenAI and the resulting increase in spending on IT services, especially among midsize businesses.
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