2024 software spending set to increase with a focus on AI functionality and extra security, report says

2024 software spending set to increase with a focus on AI functionality and extra security, report says

The Gartner report has highlighted the four top priorities from the 2,400 business decision makers that were surveyed.

Published on 20th February 2024

New research published by Gartner Digital Markets, the world’s largest platform for finding software and services, reveals a significant shift in software buying behaviours. In 2024, buyers are increasingly focused on cost efficiency, artificial intelligence (AI) functionality, and enhanced security. The report reveals that 61% of buyers are seeking upgrades for more functionality in their recently purchased software.

The need to upgrade reflects the constant pursuit of optimizing tech tools for better performance and ROI. Central to navigating these decisions, 98% of buyers rely on user reviews in their decision-making process and place higher trust in more recent reviews.

To help SaaS companies attract and retain customers, Gartner Digital Markets has identified four top priorities for software buyers in 2024:

“In times of rapid technological advancement and economic uncertainty, the ability for software providers to adapt and stay competitive is essential—and the opportunities are certainly there for growth,” advises Caroline Hogan, senior director of vendor marketing at Gartner Digital Markets. “SaaS companies can align their offerings with current market demands, like advanced AI and security features, while also understanding the importance of customer reviews in building trust and credibility with prospective buyers.”

Software investments are expected to increase this year, underlining the importance for providers to understand buyer trends and use them to their advantage. To gain deeper insights into these trends and learn actionable strategies for exceeding sales goals, check out Gartner Digital Markets’ 2024 Global Software Buying Trends Report.


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