KeyBanc Capital Markets lowered its revenue estimates for many cybersecurity firms. They believe that IT budgets are going to be decreasing as a result of AI. Their 2Q24 IT VAR survey states, “42% said they believe gen-AI initiatives are crowding out IT budgets, affecting spending on back office, public cloud and security.”
Potential Cut on IT Budgets
By Ian Vielma
Image of KeyBanc
Ian Vielma
Computer Science major at Fordham University. Working in the Office of Information Technology as an IT Risk Analyst Assistant.