B2B companies tend to agree that the COVID-19 pandemic will lead them to cut or maintain their software budgets rather than boost spending, but many are also uncertain; much also depends on the type of software in question, according to recent research from TrustRadius.
The report was based on data from a survey conducted on April 9 and 10, 2020, among 2,168 people who buy and/or use software at B2B firms. The researchers compared the results with those from a similar survey conducted on March 18.
Some 31% of respondents say they expect to spend less on software overall because of COVID-19, 30% don't think the pandemic will have any impact on total spend, 15% say they'll likely spend more, and 24% say they are not sure.
In March, 40% of respondents said COVID-19 would likely lead them to spend more on software.
The top areas where B2B firms say they are cutting spend are marketing software (44% say so) and IT support technology (36%).
The top areas where B2B firms say they are increasing spend are Web conferencing software (67% say so) and collaboration tools (57%).
About the research: The report was based on data from a survey conducted between April 9-10, 2020, among 2,168 software buyers at B2B firms.