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Australia and New Zealand’s IT leaders will be forced to work with flat budgets in real terms into 2024, though Gartner data indicates CIOs will still double down on cyber security spending and commit more funds to the cloud. 87% of local CIOs and executives surveyed by Gartner said cyber security will receive the largest increase in investment in 2024, up from 62% in 2023. Cloud spending, including public and private cloud, is the second-biggest area of spending growth, with 79% of CIOs expecting to direct the largest amount of additional funding towards cloud platforms. Data analytics (78%) and AI and machine learning (68%) are also expected to receive increased investment.