A boom in the use of cloud storage and tablet and smart phone devices led to the 9% rise in IT equipment leasing by UK businesses in the year to 31 October, according to IT lessor Syscap.
Phillip White, chief executive of Syscap, said he believed the rise in IT equipment leasing, as reported by the Finance & Leasing Association, was due to increased use of the cloud, as businesses have become more comfortable with third party data storage, and a greater number of businesses making tablets and smartphones available for their employees for business use.
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The rise in IT equipment leasing bucked the general trend for asset finance which decreased by nearly 2% to £21.7bn in the same period, according to the FLA data.
White added a lot of UK banks lack the specialist knowledge to assess the value of IT equipment and are reluctant to write loans for IT equipment.
"This means a lot of businesses have found that asset finance is a much better fit for their programmes of investment, as the specialists in the sector have a much keener understanding of how to assess the risk in lending against IT hardware and software."
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