Tech

Report: Spending on technology is growing strongly, although priorities are changing


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Despite the ongoing economic uncertainties, the majority of CXOs – 54% – plan to increase the total technology budget for next year and more than 75% plan to increase their budget in the next five years.

Tech startups have been on the rise lately as financial markets fluctuate and many investors have become more discerning about the companies they fund. But a recent survey from Battery Joint Venture Company of 100 tech buyers across industries revealed that while companies are changing their technology buying habits, their overall budgets are not going to decrease – in fact, most budgets is expanding or will continue to expand next year and beyond.

Image source: Battery Ventures.

Among the few buyers that will reduce technology budgets, the approach will focus on consolidating vendors and ultimately streamlining usage, rather than reducing user numbers or optimizing licensing. SaaS.

As priorities have changed and clarified, technology buyers report renewed interest in Guard, datadevelopment tools and artificial intelligence / machine learning.

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Where will technology spending go?

The long-term sales outlook is similarly positive for tech startups in those areas. The majority of survey respondents reported plans to increase their budgets over the next 5 years because of the following:

  • Security (92%)
  • Data (84%)
  • Developer Tools (69%)
  • AI/ML (79%)

The State of Cloud Software Spending survey also explored trends in software adoption and procurement, finding that approval times for enterprise contracts remained flat or slowed. Interestingly, bottom-up adoption of software tools is playing a larger role at the development/testing stages, with more and more engineers being allowed to choose the tools themselves. Overall, the software spending landscape appears to be resilient, despite the ongoing economic uncertainty.

Methodology

Battery Ventures’ cloud software spending survey explores the technology buying plans of 100 chief technology officers, chief information officers, chief information security officers, and other tech buyers in industries from the service industry. financial services to healthcare to manufacturing, accounting for about $29 billion in annual technology spending. Responses were collected online and during follow-up calls from August 5 to August 10, 2022.

Read Full report from Battery Ventures.

VentureBeat’s mission is a digital city square for technical decision-makers to gain knowledge of transformative enterprise technology and transactions. Explore our summary report.

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