Quick note. In a report appropriately entitled Rose Colored Glasses Come Off, Citigroup released the results of a survey of IT CIOs in the U.S. and Europe.
The news? US CIO’s expect their IT budgets to contract 2.7% this year, the first decline in five years. Europeans expect theirs to contract by 1.9%. Only 21% of CIOs expect their budget to grow in 2009, Citi says.
If they are spending, where is the money going? Security, server consolidation, and virtualization, says Citi. Software barely edges out hardware in terms of budget spend, and CIOs indicate that both are less likely to have their budgets cut than external IT services and storage.