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I spoke with Scott Goering, Business Development Partner at Battery Ventures, about spending trends across various cloud sectors based on an extensive survey of business leaders. He also discussed strategies for early stage companies.
Among the topics we discussed:
- Best on The Battery Cloud Software Spending Survey, what are a couple of key takeaways?
2. Let’s briefly walk through the survey’s key bullet points:
- While CXOs are historically more conservative with their approach to tech spending and budget allocation in times of economic uncertainty, budgets are actually less elastic than one might think. The majority of survey respondents expect to increase their total technology budget for 2022, despite more conservative spending strategies.
- Data and security remain top spending priorities for enterprise technology buyers, though SaaS vendors that improve workflows and increase automation are gaining adoption. Within security, cloud security is the top priority for most respondents, closely followed by adjacent needs in data, e-mail and network security.
- Product-led growth (PLG) has gotten trickier as a way to enter the enterprise — but “bottoms-up” technology adoption is still happening. The majority of companies surveyed allow engineers to self-select and procure technology and install it in a “sandbox” environment. For vendors, this means there is an expectation to demonstrate product value to the larger enterprise.
- A meaningful proportion of companies procure software from early stage companies, with higher adoption rates in the technology, retail and e-commerce and industrial industries. Regulated industries, like financial services and health care, remain more conservative in their purchasing patterns.
3. The future of cloud software spending? What are some key trends you see developing or continuing?
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