Report: Tech spending is holding sturdy, although priorities shifting

Regardless of ongoing financial uncertainty, the vast majority of CXOs – 54% – plan to extend their whole know-how budgets for subsequent 12 months, and greater than 75% plan to extend their budgets within the subsequent 5 years.

Expertise startups have been on edge currently as monetary markets have whipsawed, and lots of buyers have develop into extra discerning in regards to the firms they fund. However a current survey from Battery Ventures of 100 know-how consumers throughout industries revealed that whereas firms are altering their tech-buying habits, their general budgets received’t shrink — in reality, most budgets are increasing or will proceed to increase within the subsequent 12 months and past.

Among the many few consumers who will scale back know-how budgets, the method will heart on vendor consolidation and entail streamlining utilization, relatively than lowering headcount or optimizing SaaS licensing.

As priorities have modified and clarified, know-how consumers report a renewed curiosity in safety, knowledge, improvement instruments and synthetic intelligence/machine studying.

The State of Cloud Software program Spending survey additionally explores developments in software program adoption and procurement, discovering that approval occasions for enterprise contracts are both unchanged or slowed down. Curiously, bottoms-up adoption of software program instruments is enjoying a bigger function at improvement/testing phases, with increasingly engineers allowed to self-select instruments. Total, the panorama of software program spending seems to be very resilient, regardless of ongoing financial uncertainty. 

Methodology

The Battery Ventures Cloud Software program Spending Survey explores the know-how buying planning of 100 chief know-how officers, chief info officers, chief info safety officers and different know-how consumers throughout industries from monetary companies to healthcare to manufacturing, representing roughly $29B in annual know-how spend. Responses had been collected on-line and in follow-up calls from August 5 to August 10, 2022.

Learn the total report from Battery Ventures.