A venture capital (Battery) conducted an August 2022 survey of 100 executives (CTO, CIO etc) tech budgets at enterprises controlling $29B in spend and 85% of them with over 1000 employees.
Some interesting take aways:
1.) Tech budgets aren’t shrinking in the face of economic headwinds.
54% expect spend to increase in 2022
Less than 2% will decrease by more than 10% of budget
2.) “corporate customers are anxious to move on-premise data stores to the cloud to boost productivity and cut down on unnecessary labor and capital expense” which the authors cited as directly benefiting SNOW.
3.) “Data and security remain top spending priorities for enterprises: 31% of respondents named security as their number-one priority…data warehouse and data operations together claimed another 31% of top-priority slots.”
Great for SNOW, CRWD, ZS etc
4.) Enterprises are looking to consolidate vendors in order to simplify spend and reallocate budgets efficiently.
45% of those looking to reduce budgets cite vendor consolidation as their top strategy.
This would be beneficial to platform market leaders like CRWD