The tech category is in the midst of a slump after experiencing massive levels of growth over the past two decades. Spurred by a convergence of macroeconomic factors spanning rising interest rates and inflation putting pressure on discretionary spending, the category will be looking to revitalize its momentum in 2024.
SaaS will continue driving category success in the enterprise space, while hardware is poised to rebound in the next 1-2 years as the upgrade cycle turns over. The lion’s share of “hype” in the tech category has shifted to generative AI, the most prioritized frontier for leading brands in the tech space.
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53% of tech executives say rising interest rates have slowed overall spending, leading to shuttered LOBs and extensive job cuts
30% of orgs rely solely on SaaS for “mission-critical” workflows
47% of top technology officers say that AI is their top priority for tech spending over the next year, more than any other category