- Many of those increasing their budgets will do so by between 5% and 15%
- AI-assisted cyberattacks and new tech FOMO are to blame
- Implementing new software could be a challenge for some
Three-quarters (76%) of companies have said they plan to increase software budgets next year in a new report.
Three-fifths of those surveyed by Capterra reported planning to spend more anticipate increasing their budgets by 5-15% compared with 2023.
With IT security and artificial intelligence at the top of the list, companies are clearly interested in safeguarding their networks and driving increased efficiency and productivity.
Software spend is on the up
Capterra puts the increased spend on IT and AI down to the “growing sophistication” of AI-enhanced attacks, however the research also suggests that many companies are simply planning to invest in new software because they fear missing out (FOMO). Two-thirds (67%) identified technological advancements as a major external influencing factor.
However, in an era of endless software options, some challenges remain. Nearly two in five (38%) UK respondents are worried that tech implementation will be a challenge for them next year, while employee training and upskilling (36%) and possible global and economic uncertainties (35%) are also standing in the way of successful software rollouts.
“Timing is key to successful tech adoption. Businesses need to find the right balance between moving fast to keep up with the technological curve and allowing time to assess software options properly,” noted Capterra Analyst David Jani.
It took 60% of UK buyers four months to settle on a software purchase, but 86% were highly confident in their final decisions. Suggestions by industry experts (43%), customer testimonials (40%) and customer reviews (39%) proved vital in the purchasing process. More than half (57%) of those who have bought new software in the past year also implemented a learning management system to help employees get up to speed.
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