According to recent research from TrustRadius, B2B companies tend to agree that the COVID-19 pandemic will lead them to cut or maintain their software budgets, depending on the type of software. 31% of respondents say they expect to spend less, 30% say the pandemic won't have an impact, and 15% say they'll likely spend more.
The areas that B2B firms are cutting the most are marketing software (44%) and IT support technology (36%). The areas where B2B firms are increasing spending are Web conferencing software (67%) and collaboration tools (57%). The research was conducted on April 9-10, 2020 among 2,168 software buyers.
Though many B2B companies are uncertain of their software budget during the pandemic, the data indicates that they are likely to cut spending in certain areas while increasing in others.
COVID-19's Impact on B2B Software Budgets
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