Nigeria Enterprise ICT Investment Market Trends by Budget Allocations, Future Outlook, Key Business Areas and Challenges
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Nigeria Enterprise ICT Investment Market Overview
According to GlobalData’s Nigeria Enterprise ICT Investment Trends Report 2023, most of the enterprises from the country have increased their ICT budget for 2023 with more than 94% of respondents from our recent survey claiming the same. In contrast, a relatively low proportion of enterprises have trimmed their ICT budget for 2023 compared to previous year.
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The Nigeria Enterprise ICT Investment Trends Report 2023 summarizes key findings from the GlobalData’s ICT customer insight survey carried out in H1-2023. It reveals how the overall ICT budgets and their allocations towards various business functions and spending areas, have changed for enterprises in the country in 2023 when compared to 2022. The report also discusses the change in ICT budget allocations for digital transformation enabling technologies like AI and ML, internet of things (IoT), automation/RPA and edge computing among enterprises in 2023 as compared to 2022. It sheds focus on the change in ICT budget allocations across 30 IT hardware, software, and service categories. The report also gives an indication of ICT opportunities in Nigeria with forward-looking insights on enterprise spending priorities for over 100 ICT product and service sub-categories over next two years.
Analysis Period | 2022-2023 |
Enterprise ICT Budget Allocations and Outlook | Business Functions, Key Spending Areas (ICT Products & Services), and Existing vs New Systems |
Key ICT Infrastructure Budget Allocation Areas | Hardware, Software, ICT Services, Consulting, Network and Communication, Internal Development & Maintenance (Internal Costs), and Others |
Key Business Functions | Production, Procurement & Operations, Sales, Marketing and Customer Relations, Finance & Accounting, Research & Development, and Human Resources & Legal |
Enterprise ICT Budget Allocations on Cloud Computing | Overall Cloud Computing Budget Allocation |
Cloud Implementation Type | Public Cloud, Private Cloud, Hybrid Cloud, Managed Cloud, Cloud Management Platform |
Public Cloud Computing Budget Allocation | IaaS, PaaS, SaaS |
Enterprise ICT Budget Allocations on Digital Transformation | Overall Digital Transformation Budget Allocation |
Key Digital Transformation Areas | Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing and Others |
Segment ICT Budget Allocations | Hardware, Software, IT Consulting, Managed IT Services, Network & Communications |
Enterprise Technology Priorities and Spending Preferences | Communication & Collaboration, Enterprise Network, Security, Storage, Edge Computing, Client Computing, Servers, Cloud Computing, Enterprise Mobility, Internet of Things (IoT), Data and Analytics, Business Process Applications, IT Management, Application Development & Management, Data Center and Hosting, Business Process Outsourcing, Consulting and Integration Services, and Outsourcing |
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Nigeria Enterprise ICT Budget Allocations - 2023 vs 2022
The report reveals how total ICT budgets of enterprises in the country have changed from 2022 to 2023 and how it compares to the change in ICT budget seen from 2021 to 2022.
Annual Change in Enterprise ICT Budget Allocation in Nigeria (2021-2022 vs. 2022-2023)
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Majority of the enterprises in Nigeria have increased their ICT budget for 2023 compared to the previous year
According to GlobalData’s survey, majority of respondents from Nigeria claimed that there will be a slight increase (1% to 6%) in their enterprise ICT budget for 2022-23 compared to 2021-22. Additionally, there were also a decent number of respondents who claimed that there has been a significant increase (>6%) in their ICT budgets.
The report also discusses the level of change in enterprise ICT budget allocation in 2023 compared to previous year by:
- Key spending areas
- Key business functions
Nigeria Enterprise ICT Budget Allocations by ICT Products/Services – 2023 vs 2022
recorded in ICT services. The report shows how enterprises in Nigeria have changed their total ICT budget allocation across the following ICT products/services in 2023 compared to 2022.
- Hardware
- Software
- ICT services
- Consulting
- Network and communication
- Internal development & maintenance (Internal costs)
- Others
Annual Change in Distribution of Enterprise ICT Spending by ICT Products/Services in 2023
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Nigeria Enterprise Digital Transformation Budget Allocations – 2023 vs 2022
According to GlobalData’s survey, there is moderate increase in the share of the ICT budget allocated towards digital transformation in 2023 compared to 2022. The Nigeria enterprise ICT investment data highlights the change in percentage of enterprises’ ICT budget that would be allocated for digital transformation in 2023 as compared to 2022 and offers breakdown of the budget allocation change by following digital transformation areas.
- Artificial Intelligence & Machine Learning (AI and ML)
- Automation/RPA
- Internet of Things (IoT)
- Edge computing
- Others
Enterprise ICT Budget Allocation for Digital Transformation, 2023 vs 2022
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Segment ICT Budget Allocation Trends – 2023 vs 2022
The report offers segmental budget allocation trends across 33 ICT products and services covering hardware, software, IT consulting, managed IT services, and network & communications segments.
According to GlobalData’s survey, the enterprise budget allocation across most of the hardware categories among Nigeria enterprises have witnessed increase in 2023 compared to 2022.
Annual Change in Nigeria Enterprise Hardware Budget Allocations
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The survey data on Nigeria’s enterprise hardware budget allocation points towards more enterprises seeing slight (1% to 6%) and significant (greater than 6%) increase in share towards security equipment in 2023 compared to 2022 compared to other hardware categories.
Besides hardware, we also provide this level of information for
- Software
- IT Services
- Consulting
- Network & communication
Enterprise ICT Technology Spending Priorities in Nigeria – Future Outlook
The report offers forward looking insights on ICT spending priorities of enterprises in Nigeria across 140 technology areas within the following 18 categories:
- Communication and collaboration
- Enterprise network
- Security
- Storage
- Edge computing
- Client computing
- Servers
- Cloud computing
- Enterprise mobility
- Internet of Things (IoT)
- Data and analytics
- Business process applications
- IT management
- Application development and management
- Data center and hosting
- Business process outsourcing
- Consulting and integration services
- Outsourcing
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Scope
The survey-based report provides an overview of the following –
- Enterprise ICT Budget Allocations – 2022 vs 2023: Overview of survey findings regarding changes in the enterprise ICT budget allocations in 2023 compared to the previous year overall and across key spending areas, business functions, and existing vs new systems.
- Cloud & Digital Transformation Budget Allocations – 2023 vs 2022: Overview of survey findings regarding changes in the enterprise ICT budget allocations in 2023 compared to the previous year across cloud computing implementation, public cloud computing, digital transformation, and disruptive technologies.
- Segment ICT Budget Allocations – 2023 vs 2022: Overview of survey findings regarding enterprise changes in ICT budget allocations 2023 compared to 2022 across the key ICT segments including software, hardware, IT consulting, managed IT services, and network & communications.
- Future Outlook – Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key technologies in current vs next two years
- The survey was conducted in H1 2023 via an online methodology, with respondents all having ICT decision maker responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2024, to monitor ICT budget changes on an ongoing basis.
Reasons to Buy
- This survey report offers a thorough, forward-looking analysis of Nigeria Enterprise ICT Investment Trends and key ICT opportunities in a concise format to help executives build proactive and profitable growth strategies.
- Accompanying GlobalData’s IT Customer Insight Survey, the report examines the ongoing and upcoming trends in enterprise IT spending within Nigeria.
- With more than 50 charts, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides an easily digestible market assessment for decision makers built around research gathered from the local IT decision makers, which enables executives to quickly get up to speed with the current and emerging trends in Nigeria Enterprise ICT Spending.
Table of Contents
Frequently asked questions
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How did the overall enterprise ICT budget in Nigeria change in 2023 compared to 2022?
About 94% of respondents from Nigeria claimed that there has been an increase in their enterprise ICT budget for 2022-23 compared to 2021-22.
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How has the total ICT budget allocation across key spending areas in organizations in Nigeria have changed in 2023 compared to 2022?
GlobalData’s survey findings suggest that the enterprise ICT budget allocations for most ICT product/service areas in Nigeria have increased in 2023 compared to 2022.
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What are the key ICT infrastructure spending areas in Nigeria in 2022?
The key ICT infrastructure spending areas in Nigeria are hardware, software, ICT services, consulting, network and communication, and internal development & maintenance (internal costs).
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What are the key business functions considered for ICT budget allocation by Nigeria enterprises?
The key business functions considered for ICT budget allocation by Nigeria enterprises are production, procurement & operations, sales, marketing and customer relations, finance & accounting, research & development, and human resources & legal.
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By what percentage will enterprise ICT budget allocation on digital transformation in Nigeria change in 2023 compared to 2022?
Majority of enterprises in Nigeria have increased their share of ICT budget allocated towards digital transformation by 1% to 6% in 2023 compared to 2022.
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What are the key digital transformation technologies that enterprises in Nigeria are likely to invest in 2023?
AI & machine learning, internet of things (IoT), edge computing, and automation will be some of the key digital transformation areas that enterprises in Nigeria would allocate their ICT budgets on.
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Which ICT functions are enterprises in Nigeria most likely to outsource over the next 2 years?
ICT infrastructure maintenance and applications are some of the key ICT functions in Nigeria to be outsourced over the next two years.
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