Cloud computing and virtualization will be the top technology trends 2010 and priorities for CIOs

Cloud computing and virtualization will be the top technology trends 2010  and  priorities for CIOs tin 2010 as businesses shift from traditional on-premise software and hardware to hosted solutions, according to a report released Monday.

When asked to list their top technology priorities for 2010, CIOs ranked virtualization as their top area of focus, followed by cloud computing and web 2.0, Gartner found. Researchers predicted that companies will invest less in hardware in the coming year and more in hosted solutions as they continue to deal with recessionary budget constraints.

“They have aspired to this shift for years, but economic, strategic and technological changes have only recently made it feasible,” said Gartner group vice president and head Gartner Executive Programs researcher Michael McDonald.

The survey found that business process improvement topped a list of business concerns, followed by reducing IT costs. Cost-effectiveness will remain an overriding value in IT strategy as money remains tight, researchers predicted.

A number of firms have been able to save money in recent years by switching to cloud computing solutions and outsourcing the purchase and maintenance of hardware to a web-based service provider. These services leverage broadband internet connections that were not available to many firms until the past decade.

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