Throughout the year, the VMware Research and Insights organization partners with independent, third-party research institutions to interview thousands of IT executives, practitioners, and developers on the most urgent technology issues facing enterprises today. Based on interviews with over 450 technology executives and decision-makers at the end of 2022, this report provides insight into the key IT priorities for modern enterprise organizations, including innovation in applications, optimized cloud services, and consistent hybrid work experiences. The report also discusses IT priorities by global region, highlighting the differences in each area. There is room for optimism as most IT executives surveyed believe their budgets will expand in 2023. Finally, the report delves into how custom-built modern apps can improve business outcomes, with statistics on why businesses are building custom apps and a case study of Fiserv, which accelerated its modern app development.